Elliott Wave Stock Market Update - July 29

Bulls have made a come back and now the market is back above its 50 DMA and the Trend Average. So far it appears like the recent correction was a zig zag, so if we see a 5 count develop on this rally then the market will be on the path to the Inverse Head and Shoulders I first mentioned on July 17th
Obviously, we need to see follow through buying in the next few sessions. The one weak spot in the broader market continues to be the DJIA, which has rallied in the last couple of days but remains vulnerable to a death cross.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish trend being challenged

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.

Elliott Wave Stock Market Update - July 28

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

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.

Elliott Wave Stock Market Update - July 27

The 2072 support level was broken early today and we might see the 2055 area tested on one more bearish wave. If we get a bearish 5 count then we could be looking at an A or a bearish W1, which would imply accelerated selling in the weeks ahead. I am still expecting bulls to come back but now pressure is mounting on the most recent uptrend and a new rally has to take place soon or else the market is at risk of rolling over.

The catalysts for the continued selling today was China and commodities. And I am assuming there will be ongoing turbulence for a while, so we'll see how equities will handle this in the next couple of weeks.

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

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.

Elliott Wave Stock Market Update - July 24

The market went into a much stronger correction today and closed at support, which eliminates the count I was following for the last couple of days. Instead, we are seeing what could be the potential Inverse Head and Shoulders I posted about last Friday

"At this point, we could see a correction to test the TA or even the 2072-84 area and see an Inverse Head and Shoulders form or a new all time high before any reversals.  The IHS would target 2,186"

If the IHS scenario is correct, the market has to start rallying early next week and the 2,044 low can not be breached. The Trend Average turns bearish with today's close and it must be re-captured next week before it goes back under the 50 DMA. It is a mixed market at this point, with tech correcting from all time highs while the DJIA trades under its 200 DMA. I lean towards bulls re-charging given the world economy but we could see the market go back into a correction again. We'll find out soon.

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

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.

Elliott Wave Stock Market Update - July 23

I wasn't expecting the low from yesterday to be breached but it gave way earlier in the morning. Still, I'm still assuming there's one more strong bullish wave left to new highs before a bigger correction. The current count would be eliminated if the market goes below the W1 peak of 2,083.74. The close was right on the 50 DMA and below the TA. If there's a 5th left, we should see a rally as soon as tomorrow.

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

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.

Elliott Wave Stock Market Update - July 22

The market tested its Trend Average early morning and had a good chance to test its 50 DMA but didn't get very close despite the overall bearish sentiment on APPL earnings (which actually exceeded estimates!). Considering how weak this corrective wave has been, I've changed the labels to reflect a potential 5th wave to new all time highs in the next few sessions. As longs as the TA holds, the path of least resistance is up.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.

Elliott Wave Stock Market Update - July 21

The market started to correct itself and I am assuming we will see the 50 DMA tested. But given the potential IHS, we could see the market get all the way down to 2072-2084 support to form the right inverse shoulder. If support is found at the 50 DMA, there's the possibility of another leg to new all time highs before another substantial correction. The intermediate term trend has turned bullish, so all signals are clear for a rally. What remains to be seen is how the correction evolves in the next couple of sessions.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
Medium Term m Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market.