Monday, April 28, 2014

Stock Market Update

The market was volatile today with a gap up at the open that was reversed to put in a new low and then reversed again to close over the 50 DMA and the Trend Average. And now that the proper Fib retracement area has been reached, the market needs to mount a rally to break out of resistance to confirm a bullish W3 that will put in an all time. My guess is once the NASDAQ gets it together, the markets will be able to rally in unison. The NASDAQ could turn out to be a drag on the markets on continued weakness but as long as the main trends are bullish and prices above the TA, I am keeping my bullish positions. Also, as I suspected Putin is just taking his time before making his next move so maybe when he finally decides to do something it will cause the summer correction?

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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