Stock Market Outlook entering the Week of October 2nd = Mixed
- 20/50/200 Day Moving Averages: Mixed
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Mixed
Not much changed last week, so the outlook remains mixed.
From a moving average perspective, the Nasdaq and Russell 2000 continue their leading ways, with both indexes above their 20, 50, and 200 day moving averages. The NYSE/S&P500/DJIA are above their 20 day moving averages, but not their 50’s; each continue to recover from the September sell off.
No change in the total number of distribution days last week either. The uptrend remains in place, but be on the lookout for high-volume sell-offs.
And we’re still looking for a confirmation of the recent uptrend from OEW. Even with a confirmation, there’s still room for negative price action so I’ve changed that outlook to mixed.