Weekend Stock Market Outlook

Stock Market Outlook entering the Week of April 10th  = Uptrend

MOVING AVERAGES

  • Short-term (20 DMA): Uptrend
    4 of the 5 major stock market averages remained above their 20-day moving averages.
  • Intermediate (50 DMA): Uptrend 
    All the major stock market averages remained above their 50-day moving averages.
  • Long-term (200 DMA): Mixed 
    2 of the 5 major stock market averages remained above their 200-day moving averages.

COMMENTARY
The market uptrend lost some steam last week, and indexes will look to their 20-day and 200-day moving averages for technical support.

Price/volume action also suggests a higher level of institutional selling (as distribution days are starting to pile up) and OEW notes that the uptrend appears to be weakening.

Fundamentally speaking, 2016 Q1 earnings estimates indicate negative growth and have continued to be revised lower for the past three months (i.e. a decline of 1.1% was expected 3 months ago, whereas the decline in earnings is estimated to be 10.3% today, per Zacks.com).

Again, watch for weakness in your holdings (high-volume selling, etc.), and prune as necessary.

2016-04-10 - Candlestick charts for US Stock Market Averages

2016-04-10 – US Stock Market Averages

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 rose above their moving averages during the trading week
  • Sell signal=Market indexes fell below their moving averages during the trading week
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