Market Outlook for the Week of August 10th = Downtrend in search of support
Short-term (20 DMA):
All major averages remain below their 20-day moving averages.
Intermediate (50 DMA):
All the major averages remained below their 50-day moving averages. Tony’s Objective Elliott Wave analysis yielded some positive news, as the market averages found some support on Friday. Last week, William O’Neil’s analysis switched from an “uptrend under pressure” to a “market correction”.
Long-term (200 DMA):
The current bull market [March 2009 – Present] continues. The three major indices (NYSE, S&P500, and NASDAQ) remain well above their 200 day moving averages, while the DJIA tests it.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro