After the US debt deal issue was resolved, market continued its steady climb higher. However, at current levels, it is getting bit extended and needs to consolidate or pullback for any further sustainable rally. What shall we expect in near term!!! Not much has changed in below chart, BPNYA continues to remain above 70 mark while volatility appears to be subsiding which in turn has pushed the market higher. On daily NYSE chart, market appears to be cruising higher. On weekly NYSE chart, the divergences could be cancelled if RSI and MACD both make a new high than the previous one. In either case market needs to cool off and consolidate or pullback for a meaningful rally later. Market may have some room to move higher but shall soon be met with consolidation or pullback. Next weeks FED meeting will provide further direction but most likely "taper" is off the table and the rhetoric will remain the same. This news is likely priced into market and could trigger a profit taking event, ONLY time will tell...
What does it mean for our Investments?
Market remains bullish for now... Comments are closed.
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