Stock Market Outlook entering the Week of January 29th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US Markets got an upward jolt Tuesday and Wednesday last week, finally sending the Dow about 20,000 for the first time and easing concerns that the Trump rally had run its course.
All the indexes are now back above their respective 20 and 50 day moving averages.
Price and volume action got a big boost last week and 2 distribution days fell outside the count window.
- NASDAQ = 3 (-2)
- Dow Jones Industrial = 5 (-2)
- S&P = 2 (-2)
- NYSE = 2 (-2)
Strong price action on Tuesday and Wednesday was also good enough to move OEW back into uptrend territory.