Market Outlook entering the Week of June 7th = Mixed
- 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
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
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