Stock Market Outlook entering the Week of October 23rd = Mixed
- 20/50/200 Day Moving Averages: Mixed
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
No change in the market outlook. Prices did find support last week, so a strong showing this week could be enough to turn things around before the end of the month.
Performance to moving averages strengthened last week, although only the Nasdaq was able to end the week above a key level (50 day moving average). All the other indexes closed below their 20 and 50 day moving averages.
No change based on last week’s price and volume performance; uptrend remains in place but institutional selling remains on the high side. All the averages picked up another distribution day last week (S&P, NYSE, Nasdaq, and Dow Jones Industrial counts are 6,6,5,8 respectively).
OEW continues to favor an uptrend, but is waiting for all the averages to set a confirmation signal; expect choppy trading action over the new few weeks.