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Clouds but no rain

Posted by Dan on April 9, 2012

Markets have declined a bit, but nothing spectacular so far.
Our lunar Red period is about to end, so we may be setting up for another push higher over the next couple of weeks.

Let’s have a look at the current chart for S&P500 (click for larger image):


Here we see the same long term trend channels we studied for the Nasdaq index last week. The steep up trend that started last autumn is still intact. If the S&P falls to 1375 in the next day or two, then I expect another rally attempt to start, which could take us back up to 1430 or even 1450.
The momentum is still with the upside and bull markets do not give up easily.
I would keep a stop loss around 1340.

Be well, Danny

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