Outlook May 30

We got a flat week on the Nasdaq.
Markets dropped on Monday and Tuesday, then recovered the losses by the end of the week.
Technically we have now dropped out of the uptrend channel (click for larger image):

 

nasdaq

 

Basically we have a market that now has been going sideways since January, and is without clear direction for the moment.
This is probably setting us up for a larger move up- or downward.
With another week of lunar Green Period coming up, the odds favor the upside.
But I would use it to take more money off the table.
Too much risk we will get another leg down, possibly as early as mid June.

Be well, Danny

By Dan

Author of LunaticTrader and Reversal Levels method. Stock market forecasts based on proprietary indicators, seasonal patterns and moon cycles.

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