We do NOT have a clear breakout yet! Market has been near breakout territory for past couple of weeks and earnings season did not provide the much needed push. What does this entail for the markets! BPNYA is below EMA(30) suggesting to be cautious while Volatility ($VIX) remains at low levels suggesting market can rise higher. Daily NYSE chart below displays market struggle to breakout decisively. However, market has managed to stay near breakout territory even though volume is missing, giving benefit of doubt to BULLs. Weekly NYSE chart is also giving benefit of doubt to BULLs as RSI continues to remain above 50 mark and MACD appears to have reversed the trend. NYUD is making NEW HIGH along with RSI remaining above 50 mark. Charts continues to give benefit of doubt to BULLs, but lets not get complacent. This market can make a massive directional move in no time.
What does it mean for our Investments?
Benefit of doubt goes to BULLs yet remain cautious... Comments are closed.
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