Weekend Stock Market Outlook

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

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
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