Market Outlook entering the Week of September 14th = Uptrend in Search of Direction
Short-term (20 DMA): Downtrend
With the exception of the NASD, all the major stock market averages closed the week below their 20-day moving averages.
Intermediate (50 DMA): Uptrend
With the exception of the NYSE, 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”, while medium and long term uptrends remain intact over at Tony’s Objective Elliott Wave analysis.
The small pullback is underway. We wait to see if the NYSE can retake its 50-day moving average, or if the other indexes follow the NYSE lower. Thanks to Tony, we have some key S&P500 price levels to watch:
- 1,905 – If we fall to 1,905, the probability of a correction is high
- 2,011 – If we rise above 2,011, the probability of a continued uptrend is high
Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro