Last week we got another SELL signal but this time EMA(30) is also moving down, hence this is not a fake signal and its time to act.... It seems like we are following same path as mentioned in one of our earlier post "Astounding Similarities....". Just make sure we are alert and align ourselves on right side of the market and does not fall into any pitfalls. Lets look at current BPNYA chart below. It is clear from the chart above that we have clear SELL signal as BPNYA crossing EMA(30) downwards, also EMA(30) is moving down which means that its time to act. Also from below NYSE chart, we can clearly see that BEAR Flag (Channel) is broken to downside. Typically such a scenario leads to further downside move in the market. What to expect next!!!
Now that the channel is broken to downside, most likely the market will drag down further for another week or so. Earnings season will start in October and this should provide us with a bounce. But how far the bounce will last!!!! and how high will it go!!! Considering current economic conditions, we may not get a significant bounce and the bounce will mostly likely act as BULL trap. Towards 3rd week of October, talks about US debt reduction will emerge causing drag on the market... Stay alert and protect your capital.... Comments are closed.
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