After a significant drop in mid June, market tried to attempt a bounce last week. However, the volume was lacking and this could stage a further decline in coming days/weeks. What to expect for rest of summer months? Below chart is self explanatory, BPNYA is way below 70 mark and it would be a while before EMA(30) catches up. Also volatility appears to be rising and as a result we saw volatile decline in market with wide swings. Daily NYSE chart below shows that the bounce attempt may not have enough conviction and we shall experience further downside in coming days. As expected from weekly NYSE chart, as soon as MACD line crossed red line indicating further decline at the time which is now confirmed by the real action. Next support is near 8750 area as per the chart below. It appears that summer months will offer lot of volatility causing lot of wide swings in the market. It would be better to be cautious and stay alert until market provides a clear direction.
What does it mean for our Investments?
Market in correction mode, hence it is wise to stay on sidelines... Comments are closed.
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