Tuesday, December 23, 2014

Elliott Wave Stock Market Update - December 23

The market made an official new all time high as expected and chances are there are many more to come. There's now a bullish cross on the daily MACD and this could easily mean 100+ points before the next rollover. So it looks like this rally will last for a few weeks, possibly into the end of January unless a significant bearish event happens between now and then. But considering the economy just had the best quarter in 11 years and all the extra disposable income resulting from low oil prices will be reflected next quarter, bulls have strong fundamentals backing their case. I have a projected earnings chart that I will post tomorrow to get an idea of what levels the market might be pricing in.

Also, oil rallied today so I am raising my stops to break even. I just need prices to break resistance at $58 and there will be a bullish daily MACD cross there as well. 

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.

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