Market Outlook entering the Week of May 24th = Uptrend
- Short-term (20 DMA): Uptrend
All the major stock market averages remained above their 20-day moving averages.
- Intermediate (50 DMA): Uptrend
All the major averages rose/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
Price volume action remained positive, maintaining this week’s positive outlook. The Russell 2000 retook the 50-day average, and the other indexes held the line, so to speak.
Objective Elliott Wave analysis shows intermediate support/resistance levels for the S&P500 remain unchanged for a 5th straight week.
- Resistance: 2,131/ 2,198
- Support: 2,070 / 2,085
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