Stock markets continued their rebound, as expected, but now we are coming close to overhead resistance levels.
We have a few more lunar Green Period days to go, so a retest of the recent February highs is within reach, but I would use it to take some money off the table.
The next lunar Red Period is likely to bring at least some pauze.
Here is the current Nasdaq chart (click for larger image):
Major resistance is around 2840, and the momentum indicator is looking rather toppy as well.
A further rise in April and May is possible, but we have to see how well the market holds up in the upcoming lunar Red Period.
I will be adding some protection to my portfolio this week.
Good luck, Danny
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This entry was posted on April 4, 2011 at 12:40 pm and is filed under Market Commentary.
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LunaticTrader
Outlook April 4
Posted by Danny on April 4, 2011
Stock markets continued their rebound, as expected, but now we are coming close to overhead resistance levels.
We have a few more lunar Green Period days to go, so a retest of the recent February highs is within reach, but I would use it to take some money off the table.
The next lunar Red Period is likely to bring at least some pauze.
Here is the current Nasdaq chart (click for larger image):
Major resistance is around 2840, and the momentum indicator is looking rather toppy as well.
A further rise in April and May is possible, but we have to see how well the market holds up in the upcoming lunar Red Period.
I will be adding some protection to my portfolio this week.
Good luck, Danny
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This entry was posted on April 4, 2011 at 12:40 pm 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.