Stock Market Outlook entering the Week of May 8th = Mixed
MOVING AVERAGES
- Short-term (20 DMA): Downtrend
3 of the 5 major stock market averages fell or remained below their 20-day moving averages.
- Intermediate (50 DMA): Uptrend
4 of the 5 major stock market averages remained above their 50-day moving averages.
- Long-term (200 DMA): Mixed
3 of the 5 major stock market averages remained above their 200-day moving averages.
COMMENTARY
The February uptrend appears to be ending.
Last week, the Russell 2000 joined the NASDAQ below their 200-day moving average, while the NYSE, S&P500 and DJIA tested that level during Friday’s trading session.
Price/volume action continues to pile on the distribution days. OEW shows the NASDAQ in a confirmed downtrend and the S&P/DJIA waiting for confirmation.
2016-05-08 – US Stock Market Averages
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Price/volume charts are provided courtesy of 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
