Elliott Wave Stock Market Update - April 29

I mentioned yesterday a good GDP report would help the stocks rally, instead GDP came unexpectedly below estimates and the market closed right on the Trend Average at 2106. If the Fed wasn't in the picture, the market would be discounting the risk of an earnings slowdown. But since these are exceptional times, everyone is going to guess what the Fed will do with raising interest rates. So, one could argue a slowdown in an economy is actually good for equities. It's crazy, but that's the world we live in now.

Also, oil is pushing $60 and that should help the energy sector of the market. I am keeping my oil shares until I see sign of a top, for now it wants to go over $60 and probably test its 200 DMA. Lastly, I am keeping an eye on Natural Gas which might start a counter rally as well after a brutal sell off for the last year.

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.