Stock Market Outlook entering the Week of July 24th = Uptrend
- Short-term (20 DMA): Uptrend
All the major stock market averages remained above their 20-day moving averages.
- Intermediate (50 DMA): Uptrend
All the major stock market averages remained above their 50-day moving averages.
- Long-term (200 DMA): Uptrend
All the major stock market averages remained above their 200-day moving averages.
Last week was unimpressive for the US stock markets. Price action was fairly flat, as investors and traders seemed to bide their time. It is earnings season after all, and this week will see a slew of heavy hitters report Q2 results (Apple, Amazon, Facebook, and Twitter to name a few). And there is a Fed meeting this week.
All indexes remain well above their moving averages, and price/volume action remains constructive. OEW analysis has entertained several scenarios recently, as the anticipated bear market never really materialized, and all of which point to higher highs in the short term.
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