Market is overly optimistic about the Fiscal Cliff Deal being done before end of the year. However, Investors are cautious and hence market is climbing slow n steady on low volume. BUT how far can this continue!!! Based on below BPNYA chart, we got our BUY trigger last week:
Below daily NYSE chart displays market experiencing resistance near dotted line. Most likely, market will continue to drift between the dotted line and MA(200) until we get a deal. On weekly NYSE chart, we can see long tails on the weekly bar which is NOT a good sign and soon we shall see market pullback. Even MACD line is flattening suggesting no clear direction. What does it mean for our Investments?
Market does exhibit slightly bullish nature but without a deal risk is too high hence stay on sidelines... Comments are closed.
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