The 2080 resistance ended up being tested after all with today's early morning "sell off". And we should see a rally starting early next week to a higher high and perhaps even challenge the all time high. The jobs report blew past expectations, so the worry is mainly a rate hike in December which in my opinion is already priced in. In fact, once a rate hike is announced, the excuse of using a rate hike as a reason for selling will no longer be there and should lead to an environment for a sustained uptrend to 2,200+ this or next year. And as I have been saying for years, there will be a "bear market" eventually when we finally get a recession. Until then, it's better to accept and recognize the ongoing bull market and the strength of the economy as manifested in our unemployment numbers and GDP growth.
China continues to show signs of strength as well, so I am hoping for another "bubble" rally towards the end of the year. Maybe then I can start to ca$h in.
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 = Bearish trend being challenged
* 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.
No comments:
Post a Comment