Stock Market Outlook entering the Week of December 11th = Uptrend
- 20/50/200 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US stocks returned to their winning ways, as all the major indexes posted impressive gains.
The Nasdaq recovered nicely, rejoining all the other major indexes above their respective 20/50/200 day moving averages.
So much for that topping action mentioned in last week’s update. Wednesday’s price volume action tabled that discussion. All the indexes went on to lose a distribution day last week. The NASDAQ remains elevated, which is expected given all the selling in major technology names recently. (Nasdaq = 4, NYSE = 1, S&P500 = 3, and the Dow = 2).
OEW remains in an uptrend and continues to expect it to last into January.