Saturday, June 22, 2013

Market View for last Week of June

Hi All

Market in last week start sell-off after Fed meeting. start of the week was good until Mr. Bernanke speak when the sell-off start. Dow, and SP500 break the 7 months uptrend with huge volume while Nasdaq until now in it's uptrend after it bounce back from uptrend line. The whole market are in correction now until market prove it self i will be on the side. here Nasdaq and SP500 graph.

most of market leaders break down last week with volume which indicate that market need to start new cycle with new leader, Also there is much of technical damage in charts which need some time to be repair. But growth sector like Industry and Tech hold it's break level that they both break at start of May.This hold can sign for near term bounce but not expected as interest rate start to increase which over years show that any increase in interest rate will start a bear market. Also finance ETF also hold it's 50MA level but volume increase in all Sector ETFs. With sell-off  this is a bad sign for over all market even with those ETFs hold there breaks levels.

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