For couple of months, market has managed to stay in a range. Will this earnings season give this market enough traction to break it or break down!!! BPNYA is below EMA(30), however in a range bound market it is not much beneficial. Volatility ($VIX) is also range bound and causing this market to zig-zag. Range bound action is very clearly visible in below daily NYSE chart. Strong resistance appears to be at 11000 area and market has not been able to break it yet. Below chart shows this resistance along with support level near 10250-10000 area. NYUD has dropped below EMA(21), RSI is trending down and is below 50 mark. Both suggesting further downside is highly probable. Charts are telling us that earnings season might not provide enough lift to this market for a breakout, instead it might provide enough push for this market to breakdown. ONLY time will tell....
What does it mean for our Investments?
Market remains range bound, be cautious... Comments are closed.
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