Happy New Year! Hope everyone had a good long weekend. I can't believe we are in 2017 already. The market had a bullish start for the year but it was somewhat volatile during the remainder of the session, which shows some ambivalence by some traders. The close was right around the Trend Average and this should be considered a counter-rally until the TA turns again. I am still hoping to see the rally continue to new all time highs on a continued Trump rally. However, it won't be long before the Trump dump.
My new TW portfolio is all in cash and I will be bench-marking it against the SP500 close of 2257 today.
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