Weekend Market Outlook

Market Outlook entering the Week of Jan 11th = Mixed

MOVING AVERAGES

  • Short-term (20 DMA): Mixed
    With the exception of the NYSE Composite and Dow Jones Industrial, all the major stock market averages ended the week at their 20-day moving averages.
  • Intermediate (50 DMA): Uptrend
    With the exception of the NYSE Composite, all the major stock market averages ended the week at or above their 50-day moving averages.
  • Long-term (200 DMA): Uptrend
    With the exception of the NYSE Composite, all the major stock market averages ended the week above their 200-day moving averages.

COMMENTARY
To kick off 2015, we picked up right where we left off after the last full week of trading in 2014; high volatility.

O’neil’s price/volume analysis responded in kind, starting the week with an uptrend under selling pressure, then downgrading to a correction after Monday’s loss, and rebounding to an uptrend on Thursday.

Elliott Wave Analysis shows intermediate-term uptrends, with key S&P500 price levels remaining unchanged from last week:

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

More than likely, your strong stocks were unphased by the markets gyrations last week and you’re still holding them in your accounts.  High volatility creates a lot of opportunity got trading, but eventually weeds out companies with underlying issues.  So remember to cut your losses at 7%!

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

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