Market Outlook entering the Week of June 28th = Mixed
- Short-term (20 DMA): Sell Signal
3 of the 5 major stock market averages fell below their 20-day moving averages.
- Intermediate (50 DMA): Sell Signal
3 of 5 major stock market averages fell below their 50-day moving averages.
- Long-term (200 DMA): Uptrend
All the major stock market averages remained above their 200-day moving averages
Retreat was the name of the game last week, as market prices headed south. If you were on the lookout for high volume selling, you weren’t disappointed. That, along with some index re-balancing, was enough to shift the market outlook.
However, the intermediate support/resistance levels from Objective Elliott Wave analysis remain unchanged for a 10th straight week.
- Resistance: 2,131/ 2,198
- Support: 2,070 / 2,085
The Greek financial assistance package runs out on Tuesday. Will the markets be able to shrug it off?
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