Market Outlook entering the Week of August 31st = 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 remained above their their 50 DMA.
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 indicate a “confirmed uptrend”.
The lack of trading volume remains a concern, but is typically of the summer season. QE 3 is winding down (ends in October), and there are issues with the market’s relative strength. Trader’s return from summer vacation after Labor Day, which should clear up any remaining doubt about market direction.
Long-term (200 DMA): Uptrend
The current bull market [March 2009 – Present] continues.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro