Market Outlook entering the Week of June 21st = Uptrend
- 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
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.
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