Market has managed to chopped for past four months and currently appears to have been trapped in a range. Let's check if charts are providing any clues! BPNYA is above EMA(30) and rising, while volatility ($VIX) is subsiding, suggesting probable steady rise by the market in coming weeks. NYUD has managed to stay above EMA(21) and near previous HIGHs suggesting more stocks are advancing than declining. Also RSI has managed to stay above 50 mark suggesting bullish action. Daily NYSE chart clearly displays range bound action from past four months. Lot of whipsaw and no clear direction and currently market is trapped between MA(100) and MA(200) range. Weekly NYSE chart is not providing any clue and appears to be neutral for now. McClellan Summation Index does provide subtle clue, watch 2016 action and current pattern. We might get more bullish action as soon as market breaks out of current range. Overall, it appears as if market is taking a breather and conserving energy for next BULL run. However for now, we need to be patient and stay put.
Market is taking a break, yet remains bullish... Comments are closed.
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