The market has been able to hold support and consolidate gains so far. If the index is able to avoid further downside, we could see the rally continue as soon as tomorrow. I am surprised the TA hasn't been tested and instead the TA is catching up to the market, which is normally a bullish sign. The only sign for concern continues to be trade below the 50 DMA, which has to be recaptured in order to strengthen the bullish case.
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 trend being challenged
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