Safe Investing – Weekend Market Outlook

Market Outlook entering the Week of Nov 23rd = Uptrend

MOVING AVERAGES

  • Short-term (20 DMA): Uptrend
    All the major stock market averages ended the week above their 20-day moving averages.
  • Intermediate (50 DMA): Uptrend
    All the major stock market averages ended the week above their 50-day moving averages.
  • Long-term (200 DMA): Uptrend
    All the major stock market averages ended the week above their 200-day moving averages.

COMMENTARY
More price action in the markets last week, as the S&P500 was able to break-through the 2,040 level.  As mentioned above, all the indexes remain above their moving averages.

William O’Neal’s Big Picture analysis shows a confirmed uptrend with 1-2 distribution days.

Elliott wave analysis indicates that the long-awaited correction (which seemed to be taking hold in October) remains just that…long awaited.  For now, the “uptrend that could” keeps on chugging along.

Key S&P500 price levels to watch:

  • Resistance: 2,070
  • Support: 2,019

A few weeks back, I mentioned that any uptrend in late October would be a good time to adjust your holdings (sell into the rally, so to speak)…which is what I have been doing to my personal holdings.  Safe investors are trade to make money, regardless of whether their opinions turn out to be right or wrong.  I feel very fortunate to be taking profits even though my sell signal was incorrect and to have another data point that will improve robustness of my system.

Elliott Wave Analysis from the ELLIOTT WAVE lives on by Tony Caldaro

Candlestick charts for US stock market averages

2014-11-15 – US Stock Market Averages

Advertisements
This entry was posted in Historical Data, Market Trends, Other Blogs and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s