Weekend Stock Market Outlook

Stock Market Outlook entering the Week of January 22nd = Uptrend 

  • 20/50/200 Day Moving Averages: Uptrend
  • Price & Volume Action: Uptrend
  • Objective Elliott Wave Analysis: Mixed

COMMENTARY
Another sideways week for the US markets.  Even Friday’s combination of Trump’s inauguration with options expiration wasn’t enough to juice the markets higher.

The Dow Jones and Russell 2000 both closed below the 20 day.  All the indexes remain above their respective 50 and 200 day moving averages.

2017-01-22 - US Stock Market Averages

2017-01-22 – US Stock Market Averages

Price and volume action is okay; the NASDAQ and Dow added another distribution day and ran into topping action (high spread, low close).

  • NASDAQ = 5
  • Dow Jones Industrial = 7
  • S&P = 4
  • NYSE = 4

With closes below the 20-day, small corrections appear to be underway in 2 of the 5 major indexes.  OEW mirrors this sentiment, noting that a medium-term downtrend may be underway.

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.  Charts provided courtesy of stockcharts.com.

Advertisements
This entry was posted in Historical Data, Market Trends, Other Blogs. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s