Safe Investing – Weekend Market Outlook

Market Outlook for the Week of June 9th = Uptrend with a chance of Volatility

  • Short-term (20 DMA):
    • The market averages remain above their 20-day moving averages and remain in a confirmed uptrend per IBD, although some volatility is expected per Elliott Wave and several technical indicators are at overbought levels.
  • Intermediate (50 DMA):
    • Market averages remain above their 50-day moving averages, and Elliott wave still indicates an uptrend.
  • Long-term (200 DMA):
    • Market averages are far extended from their 200 day moving averages, and the long term Elliot Wave uptrend remain intact.

Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro

the ELLIOTT WAVE lives on

REVIEW

Another good week for stocks. The third week in a row the market has gained about 1%. The market displayed some choppiness early in the week, dealing with the OEW 1929 pivot. But then cleared it on Thursday, as it made new all time highs every day again except Tuesday. For the week the SPX/DOW gained 1.25%, the NDX/NAZ gained 1.75% and the DJ World index gained 1.35%. Economic reports for the week were mixed. On the uptick: ISM manufacturing/services, construction spending, factory orders, auto sales and consumer credit. On the downtick: the ADP, monthly payrolls, investor sentiment, the M1-multiplier, the WLEI, plus weekly jobless claims and the trade balance worsened. Next week we get reports on Retail sales, Export/Import prices and the PPI.

LONG TERM: bull market

The bull market of March 2009 continues. As this market enters its 63rd month it looks nothing like the 60 month, 2002-2007 bull market…

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