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
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.
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.