After a drastic one day move to NEW HIGHs in last two weeks, market has given up all the gains and desperately trying to find support. Current market appears to be news driven and unless appropriate solution is found for Government shutdown and Debt ceiling, we shall experience immense volatility in weeks ahead. Also earnings season will be upon us in next two weeks. What shall we expect ahead of us!!! Not much has changed in below chart, as BPNYA continues remain above 70 mark. However, volatility ($VIX) appears to be rising again which in turn drags the market down. NO new BUY signal will be generated unless BPNYA drops below 70. Market appears to be testing the support (shown by dotted line), BUT can it hold it? NOT much has changed in below weekly NYSE chart. Divergence continues to persist between Price and MACD as shown by RED arrows, also a TOP tail on recent weekly candle suggest further downside ahead of us. In current economic outlook, market shall be experiencing more volatility due to:
What does it mean for our investments?
Market is providing signs of caution, hence be alert... Comments are closed.
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