The market started the day strong by coming within a few points of making a new all-time high, however, prices headed down the rest of the day to close at slightly negative but still over the Trend Average. The close above the TA is good for the bullish side but the lower high is not, so it's important for prices to stay above the TA or else the trend will change this week and maybe even start a real correction!
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
No comments:
Post a Comment