Chart Of The Week: ...ummmm

After Friday’s volatile session, the benchmark Nifty50 headed nowhere on a weekly basis, as it ended the week with a modest gain of 28.90 points or 0.29 per cent. In the coming week, the market will continue to consolidate and do so in a volatile manner. The market is likely to take a breather in the coming week. In the event of any upward move, it will remain extremely vulnerable to bouts of profit taking at higher levels. Though the broader trend remains intact, there are signs that the market may take a breather.

Bitcoin (BTC/USD) crushed shorts yesterday, smashing above the daily chart's downchannel resistance and soaring towards the all-time high around 3000.  With yesterday's massive rally, the negative weekly MACD crossover has been proved a false signal.  Odds are quite good that a sustainable longer term BTC/USD bottom was found last week, especially with ETH/USD also strongly rebounding this past week.

Bill Luby submits: There were so many fascinating developments in the financial markets during the week, that it is difficult to single one chart out as this week’s chart of the week.

This post [CHART] A Huge Breakout In Gold — Plus, 5 Must Knows For Monday, August 21 appeared first on Daily Reckoning. This week is set to be one that you’ll remember for decades to come. No, I’m not talking about the solar eclipse that will move across the U.S. today.

NEW DELHI: The first week of the year 2017 showed a bullish bias as the benchmark indices rose nearly 1 per cent for the week ended January 6. The Nifty50 rose 0.7 per cent while the S&P BSE Sensex closed 0.5 per cent higher. The coming week will be crucial for the market. December 2016 quarterly earnings from blue chip companies such as TCS, Infosys and key macroeconomic data releases will chart market direction.

The first week of November 2016 ended with a whimper, even though the S&P 500 fell for the ninth consecutive day - something it hasn't done since 1980!

In our couple of previous weekly notes, we had indicated about the highly overbought condition of the market and overstretched technical indicators, which hinted at a sharp correction ahead. The benchmark Nifty50 remained vulnerable to volatile and sharp bouts of profit taking and precisely that has happened during the week gone by. The Nifty50 ended the week 355.60 points or 3.53 per cent down on a weekly basis. The coming week is a truncated one with a holiday in between and we need to watch the 9,700-9,770 levels very closely.

Volatility has returned to the markets, and growth stocks in information technology and health care have led the way down. The chart above, from Deutsche Bank strategist Keith Parker, shows the extent to which fund positioning has helped fuel the recent decline in the stock market.