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Outlook 19 September

Posted by Dan on September 19, 2011

Stock rose strongly all week, a dramatic turnaround from last week’s losses.
As a result the recent lunar Red Period ended with a 28 point gain on the Nasdaq, and this is the strongest Red Period we have seen since early February, when the market was still in bullish mode.
While this doesn’t guarantee that the bottom is in, it is the first sign of strength that we have been talking about in recent weeks.
Now let’s see if the newly started lunar Green Period can build on this.

Here is the current chart for the Nasdaq index (click for larger image):

Nasdaq

The Nasdaq has broken back above the 2600 level, which has been a major support level all year. This is a positive technical development, but it will be important for the market to confirm this breakout by holding above this level in the coming weeks and months. A fall-back would suggest a failed breakout and negate the signs of strength we just got.
If the bottom is in, then the current lunar Green Period should take us to 2700 in the coming weeks.
That would comfirm that the path of least resistance has turned up.
So it will be interesting weeks.

Good luck, Danny

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