Market is near ALL TIME HIGHs but will this rally continue? How far will it go before we get a meaningful correction or pullback!!! Are charts giving us any clues? BPNYA remains above 70 mark, hence its time to be cautious. However, Volatility ($VIX) remains lower for now. Daily NYSE is not showing any sign of pullback. RSI has managed to remain above 50 mark, however RSI, MACD and PPO, all are showing slight divergences on daily chart something we should keep an eye on. Weekly chart remains robust and bullish as RSI is not yet in overbought territory and MACD is still rising. NYUD is well above EMA(21), RSI is well above 50 mark, all signs remains strongly in bullish camp. McClellan Index is also rising showing no signs of slow down. All charts support bullish action and it appears that market still has some room to run before a possibility of a pullback. However, we should be cautious as lot of news is coming out which may add volatility moving forward along with uncertainty. Any pullback or correction shall be shallow and may only provide better opportunity to enter the market.
Market remains bullish for now, however stay cautious... Comments are closed.
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