Per Investors.com (IBD), the general markets are still searching for confirmation of an uptrend, so the market outlook remains in a correction for the time being. However, Elliot Wave has diverged and now indicates we’re in uptrends across the board (short, mid, and long term).
REVIEW
The market made some progress this week. Thanks to the two gap up openings early in the week, and no surprises from the FED or Q1 GDP. For the week the SPX/DOW were +0.95%, the NDX/NAZ were +1.35%, and the DJ World index was +1.10%. Economic reports for the week remained positive. On the uptick: pending homes sales, ADP, Chicago PMI, personal income/spending, PCE, ISM manufacturing, construction spending, auto sales, Payrolls, factory orders, and the WLEI. On the downtick: Case-Shiller, Q1 GDP, the monetary base, and weekly jobless claims rose. Next week we get reports on ISM services and Consumer credit, plus Congressional testimony from FED chair Yellen on Wednesday.
NASDAQ
There are lots of counts being kicked around on the SPX/DOW. The NDX/NAZ, however, continues to display no signs of shifting from its count. While it has been pressuring the general market, it still has two more uptrends before ending Primary…
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