Market did bounce back and now attempting to make another HIGH. BUT as earnings season is in full swing, we are also witnessing zig-zag action as expected. Is there any room left to continue this rally!!! Can market convincingly continue its Uptrend? BPNYA is below 70 mark but far from a BUY signal. However, volatility appears to be rising which has a zig-zag effect on the market. Topping pattern takes time and also allures many along the way. On daily NYSE chart below, zig-zag action is very evident. We might get to see another HIGH, a 1-2% move upwards from this point BUT will it be a REAL move of a TRAP!!! Not much has changed on weekly NYSE chart below. However MACD line appears to have almost crossed the red line suggesting a possible shift in trend ahead. Only time will reveal whats in store... What does it mean for our Investments?
Benefit of doubt remains with BULL but be cautious.... Comments are closed.
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