The market gapped up and went right thru the 50 DMA and the TA after the jobs reports was announced, adding more confusion to the overall direction of the market. Despite of this, a new high needs to be made to negate the damage from the sell off earlier in the week. Also, the factors I mentioned yesterday remain so as I said a few days ago, whether a new high is coming or not, my feeling is the market is going to take a break sooner rather than later. I am keeping the VXX I bought yesterday for a while.
Have a great weekend!
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
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