Prices closed below the TA for the first time since mid-April and waning momentum favors the possibility of a change of trend as soon as next week. I didn't catch it earlier in the week but there is already a H&S pattern in place and normally a sign of a top. So maybe "Sell in May" is already in place and soon we will see a big sell-off. With all the drama in the White House, there is plenty of excuses for sentiment to turn south quick. I think the last time I saw this much drama in politics was around the Monica Lewinsky scandal 20 years ago. Trump could easily make his tenure as President a reality show, not a single dull moment with this guy.. lol. I just hope he passes the proposed tax cuts soon before they start trying to impeach him.
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 trend being challenged
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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