Stock Market Overview: July 15th
Well, as I anticipated in last week’s stock market overview, price has broken through resistance and had a massive move up in the same day. You can expect the markets to be very volatile in the upcoming weeks because many investors are hesitant to put money in the market since it’s at an all-time high. This attitude that many have is a strong sign that the bull market still has some legs behind it - see my crowd psychology series for more detail.
Stock Market Strategies for Beginners:
- Price has broken upwards through resistance after it was stuck in a trading range for over a month. This means that the previous resistance level of 1540 has now become a support level.
- RSI has maintained a healthy reading of around or above the 50 level. This is the sign of a solid bull market.
- MACD crossover is a bullish indicator.
All of these technical signals are very bullish. General investor sentiment has not reached the feverish pitch that it so often does right before a crash. A dose of skepticism is definitely a healthy sign for the market.
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