The market finally made a decisive move to break out of resistance and there should be enough momentum to hit the IHS target of 1978. Most importantly, the Trend Average has turned bullish and there is a new bullish MACD cross on the daily. We should find out soon if this is just another counter-rally or the beginning of a sustained uptrend in the next few weeks. Oil hit another higher high today and there is a good chance we might see prices stabilize going forward. If Oil can find its footing, equities should be able to test the 2040 level and maybe even re-capture its 200 DMA. I knew Marc Faber announcing he would not see another bull market in his lifetime a few days ago was a sign of a bottom, he's the ultimate contrarian indicator.
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 = Bullish
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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