The market corrected some of its recent gains today and ended up closing right on its first level of support at 1878. If the selling continues, the next level to watch is 1857-1859. The pattern in place is bullish as long as we get higher lows. Ultimately, oil will probably be the key driver for equities in the next few weeks and we will see volatility until oil prices stabilize.
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 = Bearish
Long Term Trend = Bearish
* 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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