We just finished a very weak lunar Green Period with the Nasdaq falling 70 points.
This indicates that the path of least resistance has turned down, especially since the one year uptrend is now broken, as we already pointed out last weak.
Look for continued action to the downside in the lunar Red Period that is now underway.
Here is the updated chart for S&P500 Index (click for larger image):
On a short term basis I would now look for a mid-June bottom around 1250, or possibly 1175.
In a prolonged downturn we could of course decline further.
Too early too get back in. Take a holiday.
Danny
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This entry was posted on June 6, 2011 at 1:14 pm and is filed under Market Commentary.
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LunaticTrader
Outlook June 6
Posted by Danny on June 6, 2011
We just finished a very weak lunar Green Period with the Nasdaq falling 70 points.
This indicates that the path of least resistance has turned down, especially since the one year uptrend is now broken, as we already pointed out last weak.
Look for continued action to the downside in the lunar Red Period that is now underway.
Here is the updated chart for S&P500 Index (click for larger image):
On a short term basis I would now look for a mid-June bottom around 1250, or possibly 1175.
In a prolonged downturn we could of course decline further.
Too early too get back in. Take a holiday.
Danny
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This entry was posted on June 6, 2011 at 1:14 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.