The market ended the day flat but closed the week up +2.54% which is not all that surprising given how oversold the market was prior to the bounce. We might see a challenge to the 50 DMA trending at 2635 sometime next week and that could be the turning point as we could selling come back at that level. Personally, I haven't committed to any positions yet other than silver so I'm hoping to see a tradable set up soon. I am currently in China for business and despite all the media talk on a slowdown, things seem fine. If anything, it's interesting to see how technology has been evolving here. They use a QR code to pay for everything with the phone here.
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 = Bearish
Long Term Trend = Bearish
* 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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