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Another down week for most markets. We have a couple more days of Red Period to go, so we stay cautious this week. We have quite an interesting situation on some charts. Here is the Nasdaq Composite: Despite the recent drop in prices, the Nasdaq remains in a steep narrow uptrend channel since last August.
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We closed out the recent Green Period with a 66 point gain for the Nasdaq. Not bad. A summary of the Green Period vs. Red Period performance can be found here as always. Markets started going down right on the start of Red Period last Tuesday. With Red Period continuing we can expect further downward
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Stock have risen to the 1220 area on the S&P index, reaching the target we set 2 weeks ago. Now we are ready to go into a Red Period again, so this is a good opportunity to take some profits. Given the big upswing we have had over the last couple of months, stocks could
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The previous Red Period has ended with a 95 point gain for the Nasdaq. So we are still in a powerful upswing. Look for the market to add to these gains in the current Green Period, which will last through this week and well into next. Mid and late November are likely to bring us
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Except for one big down day last Tuesday, again we didn’t get any real downside action in the current Red Period. This means the path of least resistance is still up. Every little dip in the market is bought almost immediately. Where will it end? Here is our longer term chart of the S&P 500
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Markets continue to steam ahead, and some stock indexes have already exceeded their April highs. In a runaway market like this the lunar cycle patterns we use for our analysis have little or no room to work themselves out. But don’t worry, things will get back to normal, probably sooner rather than later. Here is
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Markets behaved as expected, trying to push higher but bumping into overhead resistance levels (11000 on Dow Jones Industrials, 2400 on the Nasdaq, 1165 on S&P500). The recent Green Period has added 20 points on the Nasdaq, so we can see that the upward momentum has weakened. Going into a Red Period, the odds now
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We see how the market tried to continue upwards last week, but the move is bumping against the indicated resistance levels. The S&P 500 briefly rose to 1157 on Thursday, only to sell off almost 2% immediately. Going forward we remain in Green Period this week, pointing to an upward bias, but the question is:
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Markets briefly paused last week, but still ended very strongly on Friday. This has been one of the strongest Red Periods we have seen in a long time, with the Nasdaq adding 139 points. So, clearly the path of least resistance is up for the moment. You may remember what we wrote back in August
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Stocks have kept up surprisingly well last week, but still there is no decisive break above the recent resistance levels we have mentioned. I think this market will need to catch some breath before it can move much higher, and quite likely we will see that pause coming up this week. As long as the
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LunaticTrader Blog 