Stock Market Outlook entering the Week of August 7th = Uptrend
MOVING AVERAGES:
- Short-term (20 DMA): Uptrend
All the major stock market averages closed 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.
COMMENTARY
A short sell-off early last week made way for an end of the week rebound in the US stock markets. Friday’s positive price action should carry over into this week.
All indexes remain above their 200 and 50-day moving averages, and found support around their 20-day.
Price/volume action remains constructive; high-growth companies remain extended from their ideal buy points (technical chart patterns), so some profit taking may occur in select market sectors.
OEW analysis suggests the NYSE rises at least another 4% before we could see major resistance (Weekend Update).
2016-08-07 – 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
