Thursday, May 22, 2014

Stock Market Update - May 22

The Head and Shoulder's pattern I have been following and trading is hanging on by a thread as the market pushed past the 1885-90 resistance and stopped at the last resistance before the all time high at 1897. The waves from 1868 can be counted as n ABC move with strong selling to come tomorrow or Tuesday. But with the Trend Average back to green this same count could just be part of a bullish 5 count that will break out of range and set an all time high in the next session or two. I am staying put with my positions but will plan on exit them if an all time high is reached. No point in fighting the trend or market euphoria if the H&S pattern fails.

For further analysis onNASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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.

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