After recent market tantrum which spooked everybody, when is the right time to get in the market? Are we out of the woods yet! Let's take a look at charts below... BPNYA well below 70 mark and yet to cross EMA(30) upwards, however volatility ($VIX) is subsiding rapidly. Observe how NYSE appears to be stabilizing and rising slowly. Daily NYSE chart has managed to get above MA(100) and if you watch closely an inverse Head-Shoulder pattern can be seen. RSI has also managed to get above 50 mark. All signs suggest bullish bias and market shall start climbing higher in coming days/weeks. NYSE weekly chart suggest that market tagged MA(50) weekly establishing the low and now consolidating before next move up. Also watch weekly RSI which has managed to get above 50 mark. NYUD never dropped below EMA(21) suggesting volume never dropped and supporting the market, also RSI stays above 50 mark. Again all signs suggest bullish bias. NYAD also barely dipped below EMA(21) suggesting not many stocks declined or the decline was very contained. Below chart provides the clue above when to get in the market. Watch the dotted green line on extreme right side of the chart. Next week market shall move higher with MACD crossing over, RSI crossing over 30 mark. All signs suggest that further drop is very unlikely and from this point forward market shall move upwards and soon make NEW HIGHS as anyone standing on the sidelines will want to get in at any cost. Arrange your ducks over the weekend to get in the market during next week.
Market remains in strong bullish trend... Comments are closed.
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