Weekend Market Outlook

Market Outlook entering the Week of June 21st = Uptrend

MOVING AVERAGES

  • Short-term (20 DMA): Uptrend 
    All the major stock market averages rose above their 20-day moving averages.  Only the NYSE remained below this level as of Friday’s close.
  • Intermediate (50 DMA): Uptrend
    4 of 5 major stock market averages rose above their 50-day moving averages. Only the NYSE and DJIA remained below this level as of Friday’s close.
  • Long-term (200 DMA): Uptrend
    All the major stock market averages remained above their 200-day moving averages

COMMENTARY
Just like last week, market prices recovered nicely through Thursday, but Friday’s sell off sent the indexes back towards their moving averages (20/50 DMA).

Unlike last week, price-volume continues to indicate an uptrend and Friday’s sell off had really heavy volume.  The number of high volume selling days is high for such a young rally.

Intermediate support/resistance levels from Objective Elliott Wave analysis remain unchanged for an 9th straight week.

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

All signs point to an uptrend, so the market outlook shifted.  But be on the lookout for high volume selling.

2015-06-21 - US Stock Market Averages

2015-06-21 – 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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