Market is back at making NEW HIGHs after FED announcement, BUT can this rally continue any further! Now that FED policy decision is out of the way the spotlight is on US Debt ceiling debacle. Expect lot of volatility ahead in lieu of political drama in coming weeks. What should we be prepared for? BPNYA continues to remain above 70 mark. Volatility($VIX) appears to be subsiding, however be cautious as coming weeks can change this quickly. On daily chart, we can clearly see market reaction on FED policy announcement day. BUT the action on last day of the week makes this move suspicious as the drop was on a higher volume. NOT much has changed on weekly chart but the divergence continues to remain between Price and MACD. Also a TOP tail on last weekly bar is NOT a good sign. This could potentially mark a TOP for this market. Although market is at NEW HIGH, current move appears to be suspicious and market might fall into a correction here. US debt ceiling debate will be in spotlight in coming days causing higher volatility, hence it is wise to remain cautious.
What does it mean for our Investments?
Market appears to be extended and prone to correction, be cautious... Comments are closed.
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