Market Outlook entering the Week of May 24th = Uptrend

MOVING AVERAGES

• 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

COMMENTARY
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

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