Market was not able to breakout and has fallen back into the range. It appears as if market is waiting for the earnings season which shall provide further direction to this market. What to expect in near term? BPNYA continues to dance around EMA(30) triggering fake signals, also volatility ($VIX) is in zig-zag. Resistance is strong near 11100 area and market has dropped back into the range. Volume showed up for a day and vanished again which is NOT a good sign. Weekly chart below is not encouraging either. NYUD could not hold the breakout and appears to be loosing steam, however RSI is still above 50 mark. Charts are telling us to be cautious as market is going sideways and until earnings season starts, we may not get a decisive move in either direction.
What does it mean for our Investments?
Market going sideways hence be cautious... Comments are closed.
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