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We got some serious downside action last week, with the Nasdaq touching the important support level at 2600. We have another week of lunar Red period to go, so this correction may not be over. The markets remain very connected to day to day political news, mostly related to the European debt crisis, so this…
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Not a bad week. The Nasdaq has gained 70 points in the lunar Green Period that just ended. But as we mentioned last week, we are probably running into resistance at these levels, and with a new lunar Red Period now starting I expect the market to give back some of these gains. October was…
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The market has been going sideways with some upward bias last week. In line with our expectations. Let’s take a look at the current chart for the S&P index (click for larger image): The S&P index closed the week at its highest level since early August. With another week of lunar Green Period coming up…
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Stock markets have been in melt-up mode since they touched our downside targets a few weeks ago. As a result the recent lunar Red Period finished with a 187 point gain for the Nasdaq. This is very unusual and we will now have to look whether the market can build on those gains. Our lunar…
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Our downside targets were reached this week (2300 on Nasdaq, and below 1100 on S&P), and it triggered strong buying that sent the markets back up. We remain in a high volatility environment. Remember, back in May, when we wrote this about the news of Bin Laden’s death: “…unexpected good news that comes after a…
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Another very volatile week. The market tried to go up, as we expected, but failed and fell back rather fast. As a result the recent lunar Green Period recorded a 127 loss on the Nasdaq. This is the worst Green Period since we started this blog. It means the market continues to act very weak,…
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A dramatic drop reversed all of the recent gains in most stock indices. This means our sign of strength is negated and we have to watch out below. There is no reason for panic however, since we are still holding support provided by the August lows. Here is the current chart for the S&P index…
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Stock rose strongly all week, a dramatic turnaround from last week’s losses. As a result the recent lunar Red Period ended with a 28 point gain on the Nasdaq, and this is the strongest Red Period we have seen since early February, when the market was still in bullish mode. While this doesn’t guarantee that…
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Downside pressure in the market has continued, but we remain well above the recent lows. As long as we hold above the August lows things look OK and a good base is being built from which a next advance could start. Here is the updated chart for the S&P 500 (click for larger image): Lunar…
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Markets peaked almost exactly with the end of lunar Green Period, and are now dropping down again. As we have been telling for weeks, don’t be too quick to get back in because a retest of the recent lows is quite likely. Let’s take a look at the current chart for the Nasdaq Index (click…
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LunaticTrader Blog 