Going nowhere

Another sideways week in US markets and still no clarity about when another major move will start. Looking at the Nasdaq chart we just see a coiling market (click for larger image):


Technical indicators are all close to neutral, giving us no clear indications. Perhaps investors are waiting for the outcome of Greek negotiations or the next Fed meeting before doing anything. News items may force a breakout from this sideways range eventually. But it is also possible that the market starts moving for no good reason whatsoever. Buying (or selling) may dry up completely at some point, which can suddenly leave the market with only one way to go. That’s how a sizable trending move can emerge from this kind of “dead” market. So, all we can do is keep our eyes open and wait.
We remain in a lunar green period this week, which favors the odds for another rally attempt.


By Dan

Author of LunaticTrader and Reversal Levels method. Stock market forecasts based on proprietary indicators, seasonal patterns and moon cycles.

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