Tuesday, July 8, 2014

Stock Market Update - July 8

There was finally some stronger selling today, after weeks of rallying. The market closed before the Trend Average and failure to recapture the trend could mean a bigger correction is coming. With that said, the market is still in a W4 as long as 1957.51 holds. So if support holds, then expect a challenge to the all time high.  Maybe the market tops after the World Cup is over?

And now the World Cup.. I'm still shocked at Brazil's loss (Germans were merciless! ! ). I knew the game today was going to tough without their top scorer and their captain but not this. This was a historical game and one that I will always remember. It's almost like waking up and seeing the market drop 1000 points overnight.. so I guess it will be Deutschland and Argentina (which I think ARG will win). I was really hoping to see an all South American final but I guess it won't be happening anytime in the next 10 or 20 years..

For further analysis on the NASDAQ, DJI, RUT, 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.

Elliott Wave Analytics

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