The market attempted to break the 2085 support level I've been mentioning for a while but it failed to do so. And given the fact that it has taken 2 weeks for bears to reach this level, my assumption is there is a good chance a new rally coming to new all time highs. The trend continues to be bearish and we still could see support levels break next week, but given the all the zig zag waves and 2085 holding, maybe "Sell in May" will not last long this year.
I closed my VXX positions and now I'm just long China, which looks like it is breaking out. Maybe another global bullish period is coming in the next few weeks?
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
Medium Term Trend = Bullish
Long Term Trend = Bullish
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