Sorry for the delay. Couldn’t reach my computer and my charts last week.
Meanwhile the markets have dropped to our lower support levels and now trying to rebound.
Let’s have a look at the current chart for the S&P 500 index (click for larger image):
A bottom has been made just below 1300, and we may retest it in early June , as we are now in a lunar Red Period.
But normally we are setting up for a rally, as is also indicated by our Earl indicator, which has done a pretty good job at signalling the most recent bottom.
I would use any drop to 1300 to do some buying, and keep a stop-loss near 1280.
Good luck,
Danny
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This entry was posted on May 29, 2012 at 5:28 pm and is filed under Market Commentary.
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LunaticTrader
What next
Posted by Dan on May 29, 2012
Sorry for the delay. Couldn’t reach my computer and my charts last week.
Meanwhile the markets have dropped to our lower support levels and now trying to rebound.
Let’s have a look at the current chart for the S&P 500 index (click for larger image):
A bottom has been made just below 1300, and we may retest it in early June , as we are now in a lunar Red Period.
But normally we are setting up for a rally, as is also indicated by our Earl indicator, which has done a pretty good job at signalling the most recent bottom.
I would use any drop to 1300 to do some buying, and keep a stop-loss near 1280.
Good luck,
Danny
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This entry was posted on May 29, 2012 at 5:28 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.