Market Outlook entering the Week of June 7th = Mixed

MOVING AVERAGES

• Short-term (20 DMA): Downtrend
  3 of 5 major stock market averages remained below their 20-day moving averages.  Only the NASDAQ and Russell 2000 remained above this level.

• Intermediate (50 DMA): Downtrend
  3 of 5 major stock market averages remained 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
Price-volume continues to show an uptrend, albeit a weak one, thanks to Friday’s positive performance.  That said, we’ve seen several days of high volume selling…one more large drop would be enough to move the markets into a correction.

Intermediate support/resistance levels from Objective Elliott Wave analysis remains unchanged for a 7th straight week!  Commentary suggests that we’ll be testing the support levels shortly.

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

2015-06-07 – 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