Market is near all time HIGH and nothing appears to get in the way. As we mentioned earlier, when everyone is expecting pullback/correction then market tends to do exact opposite. What shall we expect next!!! BPNYA well above 70 mark suggesting to be cautious while opening new positions while Volatility remaining at very low levels is helping the market to grind higher. On daily chart, Market is showing no signs of slowing down. On weekly chart, the divergence is nullifying as Market keeps making NEW HIGHs. NYUD make a strong bullish case, however it is getting stretched farther away from EMA(21). At some point the rubber band is going to snap back which will result in the pullback and shall be healthy if the market wants to continue the momentum. We might get a sudden pullback but a severe correction does not appear to be in the cards yet. All signs for now remain bullish but lets not get complacent. Its when fear tends to vanish from the markets, we end up getting a fat finger flash crash scaring everyone, hence it is better to remain cautious at such juncture. Precious metals sector appears to be the best bet for now, hence you may want to keep an eye on it.
What does it mean for our Investments?
Market remains in strong bullish bias... Comments are closed.
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