Tuesday, March 17, 2015

Elliott Wave Stock Market Update - March 17

The market found support at the 2065 level and it has a good chance of breaking the 2081-83 resistance tomorrow. Today's close was again above the Trend Average but it wasn't strong enough to turn the the TA bullish. However, given the bullish pattern in place, it is likely the trend will go bullish as soon as tomorrow and see the all time high challenged in the next week or two unless there's some sort of unexpected bad news. Focus has now turned to the Feds on rates and this might just provide fuel to yet another rally. But stock market aside, the fact rates are going to increase shows how long the country has come in its economic recovery. I remember in the darkest days of the financial crisis, people were preparing for the Great Depression but thanks to Feds, the worst never materialized. I don't think most people fully appreciate (or understand) how bad things could have turned out. And yes, I know some people are convinced we are headed towards economic disaster very soon, but imo rising rates means we're officially all clear. If anything, we might be in the middle of one of the longest expansions in economic history when looking at the world as a whole.

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

Short Term Trend = Bearish trend being challenged
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 whipsaw

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