Market Outlook entering the Week of Nov 30th = 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
A shortened trading week, with not much action in the stock market.  The same can’t be said for the oil market, as OPEC voted to maintain production levels and sent the price of crude tumbling.  But even with that turmoil wasn’t enough to overcome the lack of trading volume: the total range of price movements was 0.5%!

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

Elliott wave analysis shows that the latest uptrend is not without its eccentricities, as expected of all late stage bull markets.  Interesting point from Tony:

While this uptrend has unfolded it has remained overbought on the daily relative strength index (RSI) for over one month. This has never occurred before during the entire bull market.

Key S&P500 price levels to watch:

• Resistance: 2,070 / 2,085
• Support: 1,973 / 2,019

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

2014-11-30 – US Stock Market Averages