Market pausing
Posted by Danny on January 30, 2012
The expected pause in the markets seems to have started.
This has been a very nice rally since mid December, so some hesitation is very normal now we approach major resistance levels.
Let’s have a look at the current chart for S&P 500 (click for larger image):
Our lunar Red Period has started, so I am looking for some sideways to down action in the coming weeks.
As long as the S&P remains above 1260 the up trend remains in place. So any dips can be bought with a stop-loss just below 1260.
The setup looks good for a further push upwards in February.
Good luck, Danny
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This entry was posted on January 30, 2012 at 2:10 pm and is filed under Market Commentary.
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LunaticTrader
Market pausing
Posted by Danny on January 30, 2012
The expected pause in the markets seems to have started.
This has been a very nice rally since mid December, so some hesitation is very normal now we approach major resistance levels.
Let’s have a look at the current chart for S&P 500 (click for larger image):
Our lunar Red Period has started, so I am looking for some sideways to down action in the coming weeks.
As long as the S&P remains above 1260 the up trend remains in place. So any dips can be bought with a stop-loss just below 1260.
The setup looks good for a further push upwards in February.
Good luck, Danny
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This entry was posted on January 30, 2012 at 2:10 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.