The market mounted a counter-rally today but was not able to overcome resistance at the 2165 level. The market is basically stuck in this range and could continue for quite some time until a good excuse is found to continue the rally or to sell off and call the 2193 a top. Personally, I hope the top will be a bit higher so the fall can be harder. I will be accumulating cash and staying on the sidelines in the meantime unless I see a good short term trade set up.
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