Last week market continued to consolidate near MA(50) area and possibly trying to find support. Next week Federal Reserve is having a meeting and the outcome shall drive the market direction. What outcome to expect!!! Not much has changed on below chart as BPNYA continues to remain well above 70 mark. Volatility appears to be rising and its impact is resulting into market decline. Any increase in volatility will drag down the market further. Recent market consolidation is visible on daily NYSE chart. Another bounce attempt cannot be ruled out, however market direction will be dependent on outcome of FED meeting next week. On weekly chart, it appears that MACD line is rolling over red line suggesting possible further downside. If FED continues to maintain its recent comments of possible tapering of QE effort then most likely market will decline further and it shall start a meaningful correction.
What does it mean for our Investments?
Market appears to be falling into a correction but we are NOT there yet hence be cautious... Comments are closed.
|
Details
What is NYUD?
What is BPNYA?Archives
January 2020
Categories
All
|