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
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This entry was posted on June 18, 2012 at 1:26 pm and is filed under Market Commentary.
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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):
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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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.