Upper resistance broke today but gains were reversed after the Fed statements. The pattern doesn't look as bullish as it did yesterday but it still has a good chance of a break out. Oil rallied today and continued stability in energy should give equities the excuse to start a multi-week rally. However, until the Trend Average turns bullish, the best is to be cautious on long trades.
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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