Market Outlook Update for the Week of January 5th = Mixed
Today’s session saw the Dow Jones Industrials, NASDAQ, and S&P500 fall through their 20-day moving averages, and close the session below their 50-day moving averages. This market action pushed price/volume analysis from an uptrend under pressure to a correction.
From an Elliott Wave perspective, the S&P500 closed at 2020 and change, which is a point above the support level mentioned in the weekend update (2,019).
The market outlook remains “mixed”, but that level is tenuous. Check your sell signals (technical and/or fundamental) and make sure your investments are holding their own.