Market was consolidating near HIGHs for past two weeks and finally we have the outcome. It appears to be entering into a correction now. Earnings season is over and guidance was not good which poses further downside risk. Also FED taper talks along with Debt ceiling debacle will weigh on the market in coming weeks. What shall we expect in near term!!! BPNYA has finally crossed EMA(30) triggering SELL signal. Also Volatility ($VIX) appears to be rising which in turn means market might experience wide swings and further downside. On daily NYSE chart, it appears as if market might have started a correction and MA(50) might be initial support zone. Not much has changed on weekly NYSE chart and divergence between Price and MACD appears to be working as market has started its decline. What does it mean for our Investments?
Market appears to be entering into long awaited correction be cautious... Comments are closed.
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