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Watch the 3000 level

Posted by Dan on October 15, 2012

We saw clear weakness in the stock markets last week, and the Nasdaq seems on its way to the 3000 level, as we suggested in this blog a few weeks ago.
We remain in a lunar Green period for most of this week, so I think we will now see some rebound attempt.
Here is the current Nasdaq chart (click for larger image):

Nasdaq

We are down 5% from the recent September highs.
I think we will see a bounce this week, possibly taking us back up to 3100. And that would set the stage for another swing down in the upcoming lunar Red period.
Important support can be expected near the 3000 level, and if that level gets broken then 2750 would become the next downside target. So, that’s an important level to watch in the Nasdaq.

Stay tuned, Danny

3 Responses to “Watch the 3000 level”

  1. bob collett said

    Hi Danny
    You say we are in the green period for most of this week

    I am confused
    I thought the Red period ran from New moon to Full moon and the green period from Full moon to New moon.
    regards
    bobc

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