Stock Market Update - June 19

The market ended the day testing yesterday's all time high and we should see the pullback in the next session or two. At this point, bulls the have momentum and could possibly continue to push the rally after a pullback to the Trend Average. Also, I was looking at the NASDAQ and it made a post bubble high today which clears the intermediate term H&S pattern that was formed few weeks ago. In addition, the daily MACD turned back to the bullish side, a rare whipsaw of this indicator.
So this summer might just end up different to the past few summers where the market sold off each time. I will sell volatility if the market holds above the TA on a test, no point in fighting the trend. I am sure the market will top sooner rather than later but euphoria is unpredictable and it's better to stock to the TA for bearish trades at this time (as opposed to oscillators and EW).

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.