Stock Market Outlook entering the Week of November 27th = Uptrend
- 20/50/200 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US stocks winning ways continued last week, in spite of a holiday shortened week. I’m still expecting a pullback at some point, but that should represent a good opportunity to add shares.
All the major indexes remain above their respective 20/50/200 day moving averages.
As previously discussed, several distributions days fell off the count as they are no longer in the 20-day window. The count now stands at 1, 2, 4, and 5 for the NYSE, S&P500, Dow Jones Industrials, and Nasdaq, respectively.
OEW’s medium term uptrend is expected to remain in place until January.