Market Outlook for the Week of August 3rd = Downtrend underway, in search of support
Short-term (20 DMA):
All major averages failed to find support at their 20-day moving averages.
Intermediate (50 DMA):
All the major averages ended the week below their 50-day moving averages. Tony’s Objective Elliott Wave analysis confirmed a downtrend. IBD indicates an uptrend under pressure, rather than a market correction.
Long-term (200 DMA):
The current bull market [March 2009 – Present] continues.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro