Stock Market Outlook entering the Week of December 18th = Uptrend
- 20/50/200 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US stocks took a breather last week with some sideways price action. Considering how quickly the markets have advanced since the US election, a brief pause is a good thing; it sets up future advances.
All the major indexes remain above their respective 20/50/200 day moving averages.
The Nasdaq lost a distribution day last week. The NYSE picked up 3, while the Dow and S&P added 2. (Totals: Nasdaq = 3, NYSE = 4, S&P500 = 5, Dow = 4). None of the averages are elevated yet, so the rally should still have some legs.