The market rallied back to re-capture the Trend Average in a fairly strong rally. The absence of a lower low below the 2072 level keeps the uptrend intact, so we could see another challenge to all time highs after a correction next week. The Trend Average is being challenged and might be whipsawed early next week. With that said, we are now in May and the market seems to be lacking momentum despite strength in oil and a weaker dollar. Perhaps, it's about time for a decent correction after a relentless 3+ year rally. I am keeping oil, added back VXX to hedge and looking to probably add natural gas in the near future.
Last but not least, my prediction for the fight tomorrow. I've been waiting for years for this fight and almost went to Vegas to see it (and bet on it) but just couldn't make time for it. Tomorrow is going to be about speed and whoever can impose his speed will win this fight. From looking at their fights, I think Pacquiao is faster and he will unleash a barrage on punches on FM. Whether FM can duck those punches (specially Paquiao's left hand) and counter punch is the big question. Still, I think Pacquiao will finish ahead in compubox stats and technically win the fight, whether or not they'll give him a decision in Las Vegas is another question.
Have a great weekend!
For further analysis on the NASDAQ, DJI, RUT, 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
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