Friday, February 21, 2014

Market Update

The market came close to its previous top but fell short by just a fraction of putting a higher high. Also, I see on the micro count a potential top and a possible 5 count targeting 1826 so we'll see if that happens early next week. So far that rounded trendline I drew on the chart is acting as resistance on the market so any failure to break out of that would be considered a multi-week top. But again, the main factor I look at when I trade are trends so as long as those are bullish I am assuming the market will correct only to break out and put in another high. I am holding on to my VXX in hopes to sell them in the 1820's so hopefully that will work as planned and I will be awake to sell them.. lol

Have a great weekend!

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.

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