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Holding up well

Posted by Dan on May 2, 2012

Our lunar Red period has started, but the market is holding up pretty well so far.
This suggests the market is trying for a double top with the March highs. We could very well get there later in May, but I think we will see some more hesitation before the Nasdaq gets back above 3100.
Let’s take a look at the current chart (click for larger image):

Nasdaq

A new trendline can be drawn based on the recent lows near 2950.
I think the Nasdaq will touch 3000 before going to 3100 to make a double top.
Looking for a sideways summer.

Good luck, Danny

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