Weekend Market Outlook

Market Outlook entering the Week of August 2nd = Mixed

MOVING AVERAGES

  • Short-term (20 DMA): Mixed 
    3 of the 5 major stock market averages rose above their 20-day moving averages.  The DJIA, Russell 2000 remained below.
  • Intermediate (50 DMA): Mixed 
    2 of the 5 major stock market averages rose above their 50-day moving averages.  The NYSE, Russell 2000, and DJIA remained below.
  • Long-term (200 DMA): Mixed 
    3 of the 5 major stock market averages remained above their 200-day moving averages.  The NYSE and DJIA remained below.

COMMENTARY
The markets bounced back last week, recovering some of their recent losses.  Trading volume wasn’t spectacular, an overall price is still range-bound.   The 20-dma is below the 50-dma for 4 of the 5 major indexes, which can indicate a trend reversal (i.e. downtrend).

Intermediate support/resistance levels from Objective Elliott Wave analysis remain unchanged from last week, which has been the case for most of 2015:

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

The S&P500 needs to take out 2,131 resistance level before we’ll see a meaningful uptrend, so the market outlook remains mixed.  More stocks in my portfolio hit sell triggers last week, and my watch list has only one stock left!

2015-08-02 - US Stock Market Averages

2015-08-02 – 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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