Safe Investing – Weekend Market Outlook

Market Outlook for the Week of June 16th = Uptrend with Volatility

  • Short-term (20 DMA):
    • The market indexes remain above their 20-day moving averages.  Per IBD, we’re still in a confirmed uptrend.  As expected per Elliott Wave, last week saw some volatility, and we encountered a few days of high volume selling (distribution days).  With option expiration next Friday and FOMC meeting minutes being released, expect more of the same this week.
  • Intermediate (50 DMA):
    • Market averages remain above their 50-day moving averages, and Elliott wave continues to indicate an uptrend.
  • Long-term (200 DMA):
    • Market averages are far extended from their 200 day moving averages, and the long term Elliot Wave uptrend remains intact.

Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro

the ELLIOTT WAVE lives on

REVIEW

After hitting an all time high right at the OEW 1956 pivot at noon Monday, the market went into pullback mode for the rest of the week. For the week the SPX/DOW were -0.8%, the NDX/NAZ were -0.4%, and the DJ World index lost 0.3%. On the economic front, positive reports edged out negative ones for the week. On the uptick: business/wholesale inventories, retail sales, export prices, the monetary base, plus the budget deficit improved. On the downtick: the PPI, the WLEI, consumer sentiment, plus weekly jobless claims rose. Next week should be a busy one. Besides the FOMC meeting Tues/Wed, we have Options expiration Friday, plus reports on Capacity utilization and Housing. Best to your week!

LONG TERM: bull market

Five years ago, hardly anyone thought we were starting a bull market. Three years ago, most thought the bull market ended in the spring of 2011. Two years ago, hardly anyone…

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