Weekend Market Outlook

Market Outlook entering the Week of May 31st = Mixed

MOVING AVERAGES

  • Short-term (20 DMA): Sell Signal
    3 of 5 major stock market averages fell below their 20-day moving averages.  Only the NASDAQ and Russell 2000 remained above this level.
  • Intermediate (50 DMA): Sell Signal
    3 of 5 major stock market averages fell below their 50-day moving averages. Only the NASDAQ and S&P 500 remained above this level.
  • Long-term (200 DMA): Uptrend
    All the major stock market averages remained above their 200-day moving averages

COMMENTARY
The market continues to vascillate in a fairly tight range.  Price-volume action shows some selling pressure, but not enough to warrant a change in market outlook.  Objective Elliott Wave analysis shows intermediate support/resistance levels for the S&P500 remain unchanged for a 6th straight week.

  • Resistance:  2,131/ 2,198
  • Support:  2,070 / 2,085

Tony C. summed of the recent price movements nicely:

For the past three months this market has been a day traders dream. It has spent three months within a 95 point trading range: mostly drifting to the upside with several larger pullbacks along the way. From an Elliott Wave perspective it has been somewhat of a nightmare.

2015-05-30 - US Stock Market Averages

2015-05-30 – 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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