Weekend Stock Market Outlook

Stock Market Outlook entering the Week of May 22nd = Downtrend

MOVING AVERAGES

  • Short-term (20 DMA): Downtrend
    All the major stock market averages remained below their 20-day moving averages.
  • Intermediate (50 DMA): Downtrend 
    All of the major stock market averages remained below 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
No change in the market outlook based on last week’s trading action.  Friday’s option expiration gave the expected boost to prices, but volume was a bit subdued.

Price/volume action still shows a lot of high volume selling.  Per OEW, we could a small rally before prices head farther south.

2016-05-22 - US Stock Market Averages

2016-05-22 – 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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