The market did not put in a lower low and instead we saw the expected counter rally, which ended up closing the day a few points away from the Trend Average. However, pressure remains on the uptrend and the Trend Average must be re-captured soon in order to repair the recent bearish damage. Failure to trade north of 2,100 will result in recent lows being tested again. Looking at other indexes, most of the major markets are ok. But the DJIA is flashing a warning signal as failure to rally hard from here will turn its long term signal bearish, which we have not seen in more than 3 years.
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
No comments:
Post a Comment