From mid-September on-wards, market was finding hard to climb any further. It established a range and kept moving in between. BUT in last two weeks, bad earnings guidance from companies has given signs of rollover or in other words "correction". How long shall we expect this correction to last? Below chart clearly shows BPNYA crossing EMA(30) from above triggering SELL signal. NYSE barely holding onto support and could lead to find support at MA(200). From weekly NYSE chart, it seems like earlier breakout could find support at trend line (dotted line). Break of this support would be bearish. Also watch MACD about to rollover. What is near term outlook?
In short we may see lot of zig-zag action until election results are out. To add more pain congress has yet to decide on debt ceiling problem which could drive markets further lower. What does it mean for long term Investments?
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