Quick Market Update, May 22nd 2008
Posted on Thu 22nd May, 2008 02:53:47 PM
Regular readers should recall my post from this past Sunday, Proceed The Market With Caution. The red flags are now waving, and I am 100% cash as of yesterday.
For short term momentum traders like myself flowing with the overall market trend is very important. This may only be a short term correction but nonetheless is not worth ignoring to find out.
The Nasdaq chart below may look confusing but basically the resistance areas I posted on Sunday did actually hold and with the distribution day to close outside of the recent ascending channel, the next support area should be around the 2400 level.
Good luck out there.
