Stock Market Outlook entering the Week of November 6th = Downtrend
- 20/50/200 Day Moving Averages: Mixed
- Price & Volume Action: Downtrend
- Objective Elliott Wave Analysis: Downtrend
Another down week for the US stock markets.
Performance to the moving averages continued weakening. All the indexes remain below their 20 and 50 day moving averages. The SP500 closed just 2 points above its 200 day moving average, and the NYSE fell below that level.
Even more heavy volume selling last week, so we’re still waiting for signs relief.
OEW’s medium term outlook remains a downtrend.
As mentioned last week, check your holdings, tighten your stop orders to recent support levels, and take some profits if you’ve hit your targets. When the markets find support, you can evaluate new positions.