Market is still struggling to breakout and earnings season has not provided any direction move yet. Charts are given us mixed signals, may be its time to look closer... BPNYA is below EMA(30) suggesting to remain cautious, however volatility ($VIX) continues to remain low. NYSE daily chart clearly shows that market is having trouble breaking out to NEW HIGHs, also volume appears to be missing which is usually needed for a decisive breakout. Weekly chart appears to give benefit of doubt to BULLs as RSI stays above 50 mark and MACD appears to be rising. However, this can change very quickly hence remain cautious. NYUD is making NEW HIGH and RSI is already in over bought territory. A vertical spike in NYUD is bit unusual and gives more reason to be suspicious. Overall charts give benefit of doubt to BULLs, however it is better to remain cautious than 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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