Weekend Stock Market Outlook

Stock Market Outlook entering the Week of August 28th = Uptrend

MOVING AVERAGES:

  • Short-term (20 DMA): Mixed
    3 of the 5 major stock market averages fell below 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
US stock indexes were down slightly last week, which is a bit concerning as trading volume also rose as stocks declined.  Prices reacted positively to Yellen’s statement about a strengthened case for a rate hike, and negatively to Fischer’s statement that a strengthened case meant two rate hikes this year.

Price/volume action deteriorated last week, as selling pressure increased and more distribution days were added to the count.  OEW analysis continues to state a 5% correction is likely near-term (Weekend Update).

As mentioned last week, remember to watch your holdings.  Consider tightening your stop orders to recent support levels, or take some profits if you’ve hit your targets.

2016-08-28 - US Stock Market Averages

2016-08-28 – 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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