Market is struggling for months to stay near current levels and has NOT managed to make a NEW HIGH yet. How far will this continue? Which way is the path of least resistance!!! BPNYA is dancing around EMA(30) generating fuzzy signals, also EMA(30) is almost flat at this point. Volatility ($VIX) is all over the place and not providing any meaningful clues. Daily NYSE chart shows that market continues to remain range bound. Weekly NYSE chart is also providing mixed signals but it is very clear that market is having lot of resistance near earlier HIGHs and breaking through this resistance will require some significant strength. RSI and MACD both appears to be trending down for now. NOT much has changed on NYUD chart as well. RSI still above 50 mark and NYUD has not yet made a NEW HIGH, however it is above EMA(21) for now. Usually when market is near a major move, lot of mixed signals appear on various charts with NO clear direction. Current market does give benefit of doubt to BULLs due to range bound action but entering at these levels can be risky. Earnings season will start and might provide the needed strength to the market to break through the resistance and make NEW HIGH (which would be ideal time to enter) OR it might become the cause for breakdown. ONLY time will tell...
What does it mean for our Investments?
Market remains range bound but be cautious... Comments are closed.
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