Market Outlook for the Week of July 27th = Searching for Direction
Short-term (20 DMA):
The major averages continue to test their 20-day moving averages. The uptrend is still under selling pressure.
Intermediate (50 DMA):
Although the 3 major averages remained above their 50-day moving averages, the Russell 2000 continued lower; not a good sign for small caps. Elliott Wave analysis did not confirm a downtrend last week, so the search for direction continues.
Long-term (200 DMA):
The current bull market [March 2009 – Present] continues per Elliott Wave.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro