Market has still NOT decisively broken out to NEW HIGH. What to expect in near term? BPNYA is well above EMA(30) and not yet crossed 70 mark. Volatility ($VIX) continues to subside slowly. Market is very near breaking point, however we still DO NOT have a clear breakout. Weekly chart shows market is trying to breakout, RSI has already broken the down trend line and is above 50 mark. NYUD has already broken out to NEW HIGH and RSI has also broken the down trend line. Charts are giving benefit of doubt to BULLs suggesting further bullish action. Earnings season did not provide the needed push to the market for a decisive move in either direction. Unless market breaks out with STRONG volume, it might get stuck in a range bound action.
What does it mean for our Investments?
Market needs a strong push to breakout... Comments are closed.
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