Weekend Stock Market Outlook

Stock Market Outlook entering the Week of May 15th = Downtrend

MOVING AVERAGES

  • Short-term (20 DMA): Downtrend
    All the major stock market averages fell or remained below their 20-day moving averages.
  • Intermediate (50 DMA): Downtrend 
    All of the major stock market averages fell or 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
Maybe there is some truth in the old adage “sell in May and go away”.  Last weeks selling pressure continued to weaken the markets, moving the outlook from “mixed” to “downtrend”.

The NYSE, Russell 200, DJIA, and S&P500 all pierced their 50-day moving averages, and price/volume action added a few more distribution days to the count. OEW shows that the DJIA joined the NASDAQ in a confirmed downtrend, although the S&P is still unconfirmed.

Whatever you do, don’t let potential gains turn into losses!

2016-05-15 - US Stock Market Averages

2016-05-15 – 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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