After a HUGE move in early September 2012, market is currently digesting the move and this pullback is normal so far. Currently market appears to be testing support area. What might be next probable market move??? What do we see in below chart?
On below daily NYSE chart, pullback is evident along with market resting near support area. Most likely scenario would be a bounce from these levels, however the direction might be set based on economic releases and presidential debate in next week. Clear breakout on weekly NYSE chart, followed by pullback to test the support at trend line which is very common behavior. Shall we expect a bounce!!! What about our Investments?
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