Stock Market Outlook entering the Week of January 8th= Uptrend
- 20/50/200 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
Looks like breaking through Dow 20,000 will have to wait another week. Last week’s trading volume increased over the low levels we saw during the holiday season, but is below the average volume seen in Q4.
It was the Russell 2000’s turn to close below the 20 day moving average, while all the other indexes regained that level. All the indexes remain above their respective 50 and 200 day moving averages.
Price and volume action remains positive. No new distribution days last week, which puts the total count at:
- NASDAQ = 4
- Dow Jones Industrial = 5
- S&P = 6
- NYSE = 6