Elliott Wave Stock Market Update - October 11

The market finally broke out of range and it was to the downside. The bottom today was 2128 and it is extremely important for bulls to hold the 2120 support level. If prices break before support then the rising 200 DMA at 2067 is likely to be tested fairly soon. As I said couple of weeks ago, it's best to be cautious until a clear pattern appears.

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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Stock Market Update - October 10

Prices closed the gap from last week early in the morning by reaching 2169 before fading the rest of the day to settle just below the 50 DMA.  The close was above the Trend Average but resistance needs to be cleared for bullish momentum to gain traction. Maybe traders are in wait and see mode to see who is going to win the election? either way, we will likely see a recession soon so it's not going to make much of a difference who wins.

I got the chance to hear the debate last night and it was good Jerry Springer material. Trump was subdued during the first debate but he was at his "best" last night by constantly attacking Clinton and bringing American politics to a new low. I still can't believe Trump is the GOP nominee, out of all the people that could have gotten the  nomination and easily won this election, the party chose this guy.  Now, to be be fair, Trump respects women as much as Bill Clinton. The issue is Trump's motor mouth got caught on tape and it seems unthinkable to me that majority of the electorate is going to give him another pass. At this point, I just hope it won't be Hillary again in 4 years.

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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Stock Market Update - October 7

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

* 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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Stock Market Update - October 6

The market experienced some selling early in the morning only to rally back and end the day flat. Continued sideways trading should be expected until a clean break out/break down occurs. Until then, I will be waiting on the sidelines to avoid any surprises.

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

* 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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Stock Market Update - October 5

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

* 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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Stock Market Update - October 4

The market experienced more selling today and the bullish set up mentioned yesterday was eliminated. So the correction continues and it has now been almost 2 months since the 2193 high was made. While the general bias is still bullish, the TA turned bearish today and now I am even more cautious about trading on the long side.

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

* 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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Stock Market Update - October 3

The market corrected today and found support at the 2155 level. This correction sets up sets the market up for a potential bullish break out if today's low at 2154 holds any further corrections. However, if bullish momentum stalls at resistance in the 2175-2180 level again then we might see an ascending triangle form the rest of the week.

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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.