Elliott Wave Stock Market Update - October 10

Prices closed the gap from last week early in the morning by reaching 2169 before fading the rest of the day to settle just below the 50 DMA.  The close was above the Trend Average but resistance needs to be cleared for bullish momentum to gain traction. Maybe traders are in wait and see mode to see who is going to win the election? either way, we will likely see a recession soon so it's not going to make much of a difference who wins.

I got the chance to hear the debate last night and it was good Jerry Springer material. Trump was subdued during the first debate but he was at his "best" last night by constantly attacking Clinton and bringing American politics to a new low. I still can't believe Trump is the GOP nominee, out of all the people that could have gotten the  nomination and easily won this election, the party chose this guy.  Now, to be be fair, Trump respects women as much as Bill Clinton. The issue is Trump's motor mouth got caught on tape and it seems unthinkable to me that majority of the electorate is going to give him another pass. At this point, I just hope it won't be Hillary again in 4 years.

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 = Bullish trend being challenged

Long Term Trend = Bullish

* 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.