The market attempted to bounce today after yesterday's "sell off" but ended the day slightly down and just a hair below the Trend Average. Short term oscillators point to higher prices on Monday but if bullish strength fails to materialize, we will see yesterday's low at 2359 challenged and possibly give way to lower lows earlier in the week. I am holding my short position but staying vigilant in case support holds. It's actually interesting all the political drama hasn't affected the market at all, politics has turned into a reality show with all the infighting, firings, resignations, tweeting, etc. I just hope tax reform gets done but I am not too hopeful at the moment. I can't believe Republicans, who control both houses were not able to even modify Obamacare, much less repeal it. If they fail at tax reform, they need to be out ASAP because they are not doing anything. That includes Trump obviously who has done nothing but tweet in the last 6 months. He is still talking about Clinton and Obama as if people care(specially under-voting age Boy Scouts) at this point.
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
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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