Market Outlook entering the Week of Dec 7th = 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
Volume/price analysis continues to show a confirmed uptrend with 2 high-volume selling days.

Key S&P500 price levels to watch, courtesy of Elliott Wave Analysis:

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

*I kept 2,070 as resistance for the time being, as the S&P took several attempts to overtake this level.

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

2014-12-06 – US Stock Market Averages