Prices made a lower today before closing the session marginally higher. I wasn't expecting to see a downward impulse at this point but this is what the chart shows and the coming bounce is very important as it could be the turning point to the entire rally for the past year. If prices are able to bounce and make a new ATH, then the bearish set up will be invalidated. But anything short of an ATH sets the market up for a sell-off. The Trend Average has turned bearish and a sell off would confirm the top at 2872. We have seen this several times in the last year but the market is severely overbought and can easily go into a strong correction.
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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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