The market rallied past its most recent high and the only bearish pattern that was in place (Head and Shoulders) has now been invalidated. So now the bias turns bullish again and the wave that started at 2033 has a good chance of challenging the next resistance level at 2104. I am assume as the market goes higher more bears are going to throw in the towel and cover their short positions, which will only help the market go even higher.
For an more detailed analysis of the current wave 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.
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