The market closed the week substantially down and just below the TA. The markets were spooked by the inverted yield curve, which has been a reliable predictor of recessions since 1955 without a single false signal. All recessions began 6-24 months after the first inversion. So whether the markets will defy all odds again remains to be seen but I assume many will be turning cautious and will be quick to exit if trade falls below 2755. At the same time, a golden cross is likely to occur this or next week at the latest so it is a confusing time for many technical traders. The best indicator for now is to watch where the TA is headed.
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Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged
* 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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