- 941-946 is an area of key, enduring resistance just above the 200-day Moving Average, 944 being the January high:
- June is historically one the worst months for indices in terms of returns (second only to September; see chart on previous post)
Let us be mindful though, of the fact that some market watchers called tops at 875, 881, 900 and most recently 925, theorizing that bull markets rarely begin before a retesting of market lows. This could mean that a healthy but substantial market consolidation could be imminent. Volatility is sure to be high this trading week with ECB and MPC interest rate decisions on Thursday and crucial US Non Farm Payroll data on Friday.
With this in mind, we should manage our trades immaculately, trying not to 'call markets' but instead do as the market tells us to. After all, all the information we need is in the charts!
Profitable Trading to you all!
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