One day can make such a BIG difference! Entire past week, market continued to show strength and when we almost thought that more upside is in store, along came Friday. What happened on Friday and why did market slide? Friday slide....
No matter, what the reasons were! Fridays action has put current bullish trend in doubt. Lets see what is our guidance system telling us!!! What do we see in below chart?
Below NYSE daily chart shows market is barely hanging onto support area and testing it multiple times which is NOT really a good sign. A break of the dotted trend line could drop market further to 8000 area. BUT will it bounce from current levels!!! Considering present scenario, a bounce might be difficult yet don't forget market can do anything it wants... Weekly NYSE chart below shows consolidation after break of dotted trend line, however we see many top tails on the recent bars which suggest a possible pullback/correction in near term. What about our Investments?
Be cautious and stay alert... Comments are closed.
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