LunaticTrader

Investing with the Moon

More to come

Posted by Danny on June 18, 2012

Markets stabilized last week, which is not bad after the drop we saw in early June.
But I would prefer to see a bit more upside action, given that we remain in a lunar Green Period.
If we do not get any further gains from here, then we are probably setting up for a retest of the recent lows in July.

Let’s have a look at the current chart for Nasdaq Index (click for larger image):

Nasdaq

The 2880 level is now major resistance (it was last year’s high). A break above it would open the door to 3000. A failure to break above it this week, would set the stage for a retest of 2750 in the next lunar Red Period.

We will find out soon.

Good luck, Danny

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