The market continued its rally today and was able to break resistance and re-capture its 50 DMA. This is a positive sign for the bullish case as continued trade over 1947 will lead to a challenge to the 200 DMA (currently at 2027). To confirm the market is in a bullish W3, we need to see strong buying in the next few sessions.
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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