Market Outlook entering the Week of September 7th = Uptrend
Short-term (20 DMA): Uptrend
All the major stock market averages continue to trade above their 20-day moving averages.
Intermediate (50 DMA): Uptrend
All the major stock market averages continue to trade above their 50-day moving averages.
Long-term (200 DMA): Uptrend
The current bull market [March 2009 – Present] continues.
William O’Neil’s Big Picture analysis continues to indicate a “confirmed uptrend”, and we have uptrends across the board over at Tony’s Objective Elliott Wave analysis.
Trading volume rose last week, as expected, but buyers and sellers were evenly matched (as indicated by the market trending sideways). After the August run-up, we’re due for a small pullback in market prices. The August uptrend is also the final puzzle piece needed to unlock the long awaited correction…so even a small pullback could easily morph into that long-awaited correction
As always, don’t be complacent, and let the market action drive your decisions.
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro