Market Outlook for the Week of August 24th = Uptrend
Short-term (20 DMA): Uptrend
At the end of the week, all major averages closed above their 20-day moving averages.
Intermediate (50 DMA): Uptrend
All the major stock market averages ended the week at or above their 50 DMA.
The rest of the averages (such as the Russell 2000) are still working back to that level. Tony’s Objective Elliott Wave analysis continues to be spot on, calling the market’s new highs last week.
William O’Neil’s Big Picture analysis continued to indicated a “confirmed uptrend”, as companies with strong fundamentals lead the averages to higher prices.
Long-term (200 DMA): Uptrend
The current bull market [March 2009 – Present] continues.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro