Weekend Stock Market Outlook

Stock Market Outlook entering the Week of October 9th = Mixed 

  • 20/50/200 Day Moving Averages: Mixed 
  • Price & Volume Action: Uptrend
  • Objective Elliott Wave Analysis: Mixed

On the surface, a quiet week for US stocks, as we wait for earnings season to kick off again.  Under the surface, there were a few changes.

Performance to moving averages weakened a bit and remains “mixed”.  The Nasdaq remains above all three moving averages.   The Russell 2000 lost some ground, joining the S&P500 and DJIA above their 20 day moving averages, but not their 50’s.  And the NYSE closed below both the 20 and 50 day moving averages.  All the indexes remain well extended from their respective 200 day moving averages.

2016-10-09 - US Stock Market Averages

2016-10-09 – US Stock Market Averages

An uptrend remains in place based on price and volume performance, but institutional selling remains on the high side.  That said, 2 of the distribution days for the S&P and NYSE counts fell outside the 20 day window, so their counts dropped to 5.   No change in the total number of distribution days for the Nasdaq (4)  or Dow Jones (7).

OEW switched the intermediate view to a downtrend, but the longer term uptrend remains in place, confirming a “mixed” outlook.

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.  Charts provided courtesy of stockcharts.com.

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