Market staged an impressive rally against all odds so far, however we are not out of the woods yet. But WHY? What possible outcomes can be expected at this juncture? BPNYA well above EMA(30) and volatility ($VIX) continues to remain low for now. Below chart is providing key information. Watch, how market experienced resistance near 10600 area. It shall not be a surprise if market remains range bound between 10300-10700 area. RSI has managed to stay above 50 mark but MACD appears to be crossing over. Weekly chart is providing positive signs as RSI is approaching 50 mark and MACD crossover has already occurred. Not much has changed in below NYUD chart. Market can be stuck in a range for next few weeks as earnings season is winding down. It will need some significant push higher to break through to NEW HIGHs.
What does it mean for our Investments?
Bulls get benefit of doubt but remain cautious... Comments are closed.
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