Friday, August 9, 2013

Market Update

The marked opened up bearish today but loses were again reversed just like yesterday. However, the market did close under the Trend Average and it could be potentially setting up a bearish nested 1-2. At the same time, there seems to be strong support in the 1680-85 range and should the bearish wave fail to make lower low it will open up bullish possibilities. The only pattern that is clear is the 5 waves down from 1709 but nothing else that I consider tradeable. My SH position was positive early morning by got stopped at break even on the counter rally and I am position trading VXX. My long positions have been intact as usual and I don't think I will be trading those for quite some time.

Have a Great Weekend!

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Main S&P 500 Trends*

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. 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.

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