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):
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
Like this:
Like Loading...
This entry was posted on June 18, 2012 at 1:26 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.
LunaticTrader
More to come
Posted by Dan 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):
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
Share this:
Like this:
This entry was posted on June 18, 2012 at 1:26 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.