Prices spiked at the open but gave up most gains by the end of the session. Arguably, the high made today could be a truncated 5th, unless we see follow follow through buying early next week to a higher high. The fact that prices closed below the 50 DMA and the trend continues to be bearish puts the market in a selling position. So, I ended up closing the rest of my longs and now I am back to cash again on my trading account. If selling continues next week, the levels to watch will be 2417 and 2407, where I might end up going long once again.
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 = 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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