Market Outlook entering the Week of September 13th = Downtrend
MOVING AVERAGES
- Short-term (20 DMA): Downtrend
4 of the 5 major stock market averages remained below their 20-day moving averages.
- Intermediate (50 DMA): Downtrend
All the major stock market averages remained below their 50-day moving averages.
- Long-term (200 DMA): Downtrend
All of the major stock market averages remained below their 200-day moving averages.
COMMENTARY
A little less volatility last week, and US stocks were able to gain some ground (~2%). That also means we’re still waiting for a trend confirmation.
We’ll likely need a retest of recent lows (1,850’s for the S&P500) to make that determination. Failure to hold that level results in a bear market, and a bounce of that level results in some nice gains as the bull continues.
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