Market Outlook for the Week of July 7th = Uptrend Intact
- Short-term (20 DMA):
- The indexes closed above their 20-day moving averages. Per IBD, we’re still in a confirmed uptrend (Distribution day count is 3 for S&P500, 2 for NASD
- 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 bull market continues per Elliot Wave.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro