Weekend Stock Market Outlook

Stock Market Outlook entering the Week of June 5th = Uptrend


  • Short-term (20 DMA): Uptrend
    All the major stock market averages remained above their 20-day moving averages.
  • Intermediate (50 DMA): Uptrend 
    All of the major stock market averages remained above their 50-day moving averages.
  • Long-term (200 DMA): Uptrend 
    All of the major stock market averages remained above their 200-day moving averages.

Terrible news on the fundamental front was not enough to derail the most recent rally.  Non-farm payrolls came in WAY under expectations, along with a slew of other revisions and data points, which is usually enough to take the wind out of the market’s sails and send prices lower.  Yet we still saw prices move higher.

A few more distribution days fell outside the measurement window and off the count, but price action remains elevated (5+ distribution days).

Per OEW, the latest bull market has been anything but typical, so it stands to reason that the switch from bull to bear will be the same.  Looking across the indexes, some are showcasing late-stage bull market characteristics, such as the Nasdaq, Russell 2000, S&P500 within spitting distance of their all time highs.  The NYSE and DJIA price action is more inline with early stage bear markets.

As always, watch your holdings and keep your losses small.  Any stocks that have managed to avoid your sell rules over the past few months are probably All-Stars at this point!

2016-06-05 - US Stock Market Averages

2016-06-05 – 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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