Stock Market Update - May 19

The market continued to rally today and we now have the right shoulder of the H&S at an ideal level. So if this pattern materializes, we should see the selling start in the next session or two. Obviously, there is a failure probability but I am hoping the market will be kind to me.. lol. The market closed above the Trend Average so the ST trend is being challenged but the market is right at the 1885-90 resistance and needs good bullish momentum to overcome this level.

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

Short Term Trend = Bearish 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.