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Outlook 12 December

Posted by Dan on December 12, 2011

Markets stagnated near the resistance levels we mentioned last week, and seem to be going down at today’s opening.
We have a few more lunar Red period days to go, but we can start looking ahead for the next Green period already.

Let’s take a look at the current chart for the Nasdaq (click for larger image):

Nasdaq

We are still in a broad sideways pattern, and this could continue into next year.
Keep an eye on the trend lines in this chart. Sooner or later this market is going to chose a direction, and will have to break out above or below these lines that currently contain the market. A big move is then quite likely.
The upcoming Green period will favor the odds for an upside move in the coming weeks, but I don’t think we will get above 2700 already.
Uncertainty is likely to continue, and on the downside we have to watch support levels near 2500 and 2350.

I would still stay on the sidelines until we get a clearer picture.

Be well, Danny

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