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):
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