Weekend Market Outlook

Market Outlook entering the Week of March 22nd = Uptrend

MOVING AVERAGES

  • Short-term (20 DMA): Buy Signal
    All the major stock market averages rose above their 20-day moving averages, except for the Russell 2000 (remained above the 20 DMA)
  • Intermediate (50 DMA): Buy Signal / Uptrend
    All the major stock market averages either rose above or remained above their 50-day moving averages
  • Long-term (200 DMA): Uptrend
    All the major stock market averages remained above their 200-day moving averages

COMMENTARY
U.S. equities finally closed out a week with a strong performance.  All the indexes resumed their uptrends, despite all the recent, high-volume selling.  That said, I’m interesting in seeing next week’s price action for the NYSE, DJIA, and S&P500.  All three still have to rise above their late February peaks, which could provide some resistance to further price increases.

With the renewed uptrend, resistance levels from last week’s intermediate-term Elliott Wave Analysis became this week’s support:

  • Resistance: 2,131 / 2,198
  • Support:  2,070 / 2,085
2015-03-22 - US Stock Market Averages

2015-03-22 – US Stock Market Averages

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.

Moving Average Signals:

  • Uptrend=Market indexes remained above their moving average during the trading week
  • Downtrend=Market indexes remained below their moving average during the trading week
  • Buy signal=Market indexes fell below their moving averages during the trading week
  • Sell signal=Market indexes rose above their moving averages during the trading week
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