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

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