Tuesday, January 3, 2017

Elliott Wave Stock Market Update - January 03

Happy New Year! Hope everyone had a good long weekend. I can't believe we are in 2017 already. The market had a bullish start for the year but it was somewhat volatile during the remainder of the session, which shows some ambivalence by some traders. The close was right around the Trend Average and this should be considered a counter-rally until the TA turns again. I am still hoping to see the rally continue to new all time highs on a continued Trump rally. However, it won't be long before the Trump dump.

My new TW portfolio is all in cash and I will be bench-marking it  against the SP500 close of 2257 today.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bearish
Medium Term Trend = Bullish
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

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