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Outlook 23 August

Posted by Dan 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):

nasdaq

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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