Market Outlook entering the Week of Feb 22nd = 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 positive week for the stock markets in general.  Price and volume analysis continues to show an uptrend, and several days of high volume selling have “expired” or been removed from the current count.

Intermediate-term Elliott Wave Analysis shows support and resistance levels from last week are unchanged.

• Resistance: 2,131 / 2,198
• Support: 2,070 / 2,085

Sources:

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.  For price/volume data, head to stockcharts.com.

2015-02-22 – US Stock Market Averages