Market appears to be range bound, stuck between MA(50) & MA(200). Lot of overhead resistance ahead and market will need a stronger push for NEW HIGHs. Where is the catalyst? Which way is path of least resistance!!! BPNYA continues to remain above EMA(30) while volatility continues to remain below 20 mark. Even in these conditions, market is unable to stage a powerful rally. Daily NYSE chart clearly shows range bound action. Unless market gets above MA(200) quickly, we can see sideways action for a while. Better to stay vigilant as we can see some volatile action ahead. Weekly chart is suggesting that market may make an attempt to overcome resistance near 10730 area as RSI is very close to crossing 50 mark and MACD appears to have changed direction. NYUD is not giving any bullish signs yet as it remains below EMA(21) while RSI remains below 50 mark, all signs suggesting further downside is probable. Based on charts, it appears that path of least resistance is on downside as upside resistance is strong. Unless we get a strong catalyst to move this market towards upside, any NEW HIGHs are questionable. Time to be cautious and remain alert as international conflict against ISIS could provoke further market turmoil amidst escalations.
What does it mean for our Investments?
Market stuck in a range for now... Comments are closed.
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