A new all time high was made today as expected but it seems like the count completed last night in pre-market with a cash equivalent high of 2185 more or less. So unless prices are able to get past today's all time high, I favor a change of trend and a deeper correction to 2150's or 2134. I ended up selling in the morning for a small profit and now I am back to cash and waiting to buy around support or at the first sign of a bottom. I think Oil going below its 200 DMA creates a drag on equities in the near future but once that finds a bottom, stocks will rally along with it.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish