As expected, market is experiencing pullback after a nice run from year-to-date. What to expect next? As we can see from below BPNYA chart, BPNYA continues to remain above 70 however it is closing in on EMA(30). It shall soon cross EMA(30) from above which can be considered as early SELL signal. BUT you can wait and see how it goes and also take late SELL signal when EMA(30) crosses MA(50) from above. Remember, BPNYA can remain above 70 mark for weeks suggesting further upside however expect roller coaster ride. Market experiencing volatility which is easily visible in below NYSE daily chart. The debt ceiling debacle will be in focus as both parties are in NO mood to compromise which shall drag down the markets further. On weekly NYSE chart, it appears as if market is in consolidation mode and could pullback to 8800 area where it might find support. Expect wide swings for coming weeks. Until the debt ceiling issue at hand is resolved, expect market to experience volatility which shall force it into a correction which means lot of wide swings and volatile action.
What does it mean for our Investments?
Market continues to remain bullish but be cautious and alert... Comments are closed.
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