Now that FED meeting is over and news is out, Santa Rally can move forward. Market was expecting taper and hence the reaction. For now enjoy the seasonal Santa rally until it lasts.... BPNYA continues to remain above 70 mark, however in coming weeks we might see volatility gradually rising. As mentioned in our last weeks post, market found support near 9900 area and bounced off big. But can it take out earlier HIGH and fly higher!!! We believe, it might make another marginal HIGH but it shall be slow grinding process. On weekly chart, divergence still in play but diminishing slowly. However until divergence exists, we cannot eliminate a possibility of break down in couple of weeks ahead in 2014. NYUD bounced off from EMA(21) which means the bullish trend continues to remain intact for now. Now that FED decision is out of the way, we might get a slow grind higher however don't expect a getaway rally. We might be in final stages of this BULL market. Enjoy till it lasts but lets be cautious.
What does it mean for our Investments?
Market has bounced off and the trend continues to be bullish... Comments are closed.
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