Market Outlook entering the Week of April 19th = Mixed
- Short-term (20 DMA): Sell Signal
A majority the major stock market averages fell below their 20-day moving averages.
- Intermediate (50 DMA): Mixed
2 of the 5 major averages fell below their 50-day moving averages.
- Long-term (200 DMA): Uptrend
All the major stock market averages remained above their 200-day moving averages
Last week’s retest of early March’s price levels was going well for the Russell 2000, NASDAQ and NYSE. Friday’s massive sell-off put a damper on things as we head into next week, suggesting another week or two before another retest of those highs…as long as the Greek financial mess doesn’t cause more problems. Elliott Wave levels dropped a notch:
- Resistance: 2,085 / 2,131
- Support: 2,019 / 2,070
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