Stock Market Update - May 21

The market closed again at resistance and I think we are about to see a substantial move. The H&S pattern remains in place but the market managed to turn the Trend Average bullish today, so I am hoping the signal will get whipsawed. I think we'll get a better picture before the long weekend. I am staying put on my short positions until I see a reason to sell.

For further analysis on RUT, NASDAQ, DJI, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.