Market is stuck in a range after false breakout in April and May. Unfortunately, it is not finding a strong catalyst to either breakout or breakdown which is causing the range bound action. What shall we expect next? BPNYA is well below EMA(30) while volatility ($VIX) is spiking occasionally. Both are suggesting caution and to remain on sidelines. Daily NYSE is displaying range bound action. Weekly NYSE is not providing any conclusive clues as well. NYUD is well below EMA(21) and EMA(42) suggesting lack of cumulative volume on upside suggesting caution. Charts are suggesting caution as range bound action continues, however the path of least resistance appears to be on downside.
What does it mean for our Investments?
Market is back into range, remain cautious... Comments are closed.
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