The market bounced today as expected and found resistance at the 50 DMA. If the market doesn't overcome the 2,100 level, there's a good chance it will be headed towards a test of 2039. And if that level finally breaks, then we'll finally see a good correction that will last several weeks or even months. Indexes around the world are starting to sell off and that supports a correction here in the US. Lastly, oil looks like it has topped and that will also help the bearish case. Maybe we'll finally see some panic selling!
I bought back VXX at the test of 50 DMA and looking to buy oil as well if we see a good sell off.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish
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