The market tested 2140-45 support and staged a rebound for the 4th time in 2 weeks. It's basically the same song and dance until prices manage to break out or break down. The longer these sideway moves occur under the 50 DMA, the more bearish I am becoming. So at this point I am not sure if the market will be able to make much higher highs because of the lack of bullish conviction. As I said a couple of weeks ago, it's time to be cautious.
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 trend being challenged
Long Term Trend = Bullish