Outlook 23 August
Posted by Danny on August 23, 2011
The start of lunar Green Period has not instilled new confidence in the market, and we are back to testing the recent lows.
Let’s see if things improve this week.
Here is the current Nasdaq chart (click for larger image):
I think we will see another rally attempt in the remainder of the current Green Period.
If the action is weak then we would have a lacklustre Green Period, which would indicate that the path of least resistance remains down for the moment.
So, it remains too early to declare a bottom.
Be careful.
Danny
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This entry was posted on August 23, 2011 at 6:24 am and is filed under Market Commentary.
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LunaticTrader
Outlook 23 August
Posted by Danny on August 23, 2011
The start of lunar Green Period has not instilled new confidence in the market, and we are back to testing the recent lows.
Let’s see if things improve this week.
Here is the current Nasdaq chart (click for larger image):
I think we will see another rally attempt in the remainder of the current Green Period.
If the action is weak then we would have a lacklustre Green Period, which would indicate that the path of least resistance remains down for the moment.
So, it remains too early to declare a bottom.
Be careful.
Danny
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This entry was posted on August 23, 2011 at 6:24 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.