So, that was a pretty solid down move we got in most stock markets last week.
The Nasdaq fell right to the 2600 level, as we mentioned in our post two weeks ago.
While we have a few more lunar Red Period days to go, I think the bottom for March is in, unless we get yet another disaster hitting somewhere.
The upcoming lunar Green Period will help markets recover from the recent losses, the question will be how strong a recovery we will see. It may only set us up for another leg down in April or May. We have to watch as always.
Now some charts.
We suggested to buy some Japan this week.
The Nikkei index may have made a major bottom indeed.
As long as it stays above 8200 it will be OK (click for larger image):
And here is the current Nasdaq chart (click for larger image):
Still holding in a rather steep uptrend channel.
I think the Nasdaq will climb back to 2750 quite easily, but then what next?
Good luck, Danny
PS: Last Tuesday we tweeted that the best chances for a rebound in the market would come on Thursday, which is what happened. You can follow us on Twitter to receive our occasional tidbits.
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This entry was posted on March 21, 2011 at 10:03 am and is filed under Market Commentary.
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LunaticTrader
Outlook March 21
Posted by Danny on March 21, 2011
So, that was a pretty solid down move we got in most stock markets last week.
The Nasdaq fell right to the 2600 level, as we mentioned in our post two weeks ago.
While we have a few more lunar Red Period days to go, I think the bottom for March is in, unless we get yet another disaster hitting somewhere.
The upcoming lunar Green Period will help markets recover from the recent losses, the question will be how strong a recovery we will see. It may only set us up for another leg down in April or May. We have to watch as always.
Now some charts.
We suggested to buy some Japan this week.
The Nikkei index may have made a major bottom indeed.
As long as it stays above 8200 it will be OK (click for larger image):
And here is the current Nasdaq chart (click for larger image):
Still holding in a rather steep uptrend channel.
I think the Nasdaq will climb back to 2750 quite easily, but then what next?
Good luck, Danny
PS: Last Tuesday we tweeted that the best chances for a rebound in the market would come on Thursday, which is what happened. You can follow us on Twitter to receive our occasional tidbits.
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This entry was posted on March 21, 2011 at 10:03 am and is filed under Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.