Weekend Market Outlook – Holiday Edition

Market Outlook entering the Week of Dec 28th = Mixed

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 short, typical holiday trading week; the markets rose on low trading volume.

O’neil’s price/volume analysis switched from a correction to an uptrend under pressure, which is a first. The new high for the S&P500 qualifies as the start of a new uptrend, but the high level of distribution days (high volume selling) combines with low trading volume to keep optimism under wraps.

Elliott Wave Analysis shows an intermediate-term uptrend, and the key S&P500 price levels to watch have increased incrementally:

  • Resistance: 2,131 / 2,214
  • Support: 2,070 / 2,085

I expect a quiet market next week, as the holiday season winds down.  Take all the price action with a grain of salt so you can start 2015 profitably.

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

Candlestick charts for the US market averages

2014-12-27 – US Stock Market Averages – Stockcharts.com

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