Stock Market Outlook entering the Week of April 24th = Uptrend
- Short-term (20 DMA): Uptrend
All the 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): Uptrend
All the major stock market averages remained above their 200-day moving averages.
The uptrend remains intact, as big money continues to rotate through the different sectors. Last week, basic materials, financials, and healthcare took the spotlight, while utilities got thrashed…not to mention Facebook, Google, and Microsoft.
Price/volume action was a mixed bag last week, thanks to weak earnings and lower trading volumes.
OEW maintains an uptrend label as well. At the onset of the bear market, OEW also mentioned the possibility of revisiting bull market highs before the selling really started. So far, that prediction looks spot on.
Continue to watch for weakness in your holdings (high-volume selling, etc.) and prune as necessary.
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