The market has continued to climb higher to reach a new ATH and 2800 looks like a possibility in the next week or two. I was reading today that the market has not been this overbought in 20 years and its RSI reading is the second highest since 1928! Obviously, that doesn't mean the market will collapse but it gives us a perspective on the current mania. For me, this is time to start accumulating cash to deploy once we do get a bear market. As Buffet says, be fearful when others are greedy.
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
No comments:
Post a Comment