Nasdaq is still stuck inside a trading range, 2780 support and 2810 resistance. It will take a major market moving event to move it out of the current range.
Cyprus bank run and Cyprus financial collapse happening at this very moment, particularly if its contagion effect is not contained, has the potential to trigger worldwide credit collapse similar to but much greater than the 2008 collapse, has the potential to move global market to the downside, market meltdown.
Asian markets are now in selloff mode in reaction to the Cyprus banking collapse. If it continues on into Europe, it may also triggers selloff in the US market on Monday as well. We shall see in the morning.
Asian markets are now in selloff mode in reaction to the Cyprus banking collapse. If it continues on into Europe, it may also triggers selloff in the US market on Monday as well. We shall see in the morning.
Cyprus Bank Run
Currently, all major US equity market indices are now clearly in wave 5 up as seen on daily charts below, with the current wave series starting at the November 2012 swing low, and it should end soon, days and weeks, not months. How and when it ends,only time will tell, but we will see it when it ends.
NQ Daily Chart
ES Daily Chart
YM Daily Chart
