Stock Market Outlook entering the Week of November 20th = Uptrend
- 20/50/200 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US stocks continued to rally last week, although not as strongly as the election week.
The Nasdaq joined the other major indexes above their respective 20/50/200 day moving averages. Given how quickly market prices rose over the past two weeks, some sideways action (consolidation) is likely in the short term.
The number of distribution days remains elevated, but the situation is improving. Over the next week, 3 distribution days will fall off the count for the Nasdaq, NYSE, and S&P500. The Dow did show stalling action on Friday, with small price movement on high volume, a larger than average spread between the day’s high and low, and a closing price towards the low.
OEW’s medium term uptrend is expected to remain in place until January.