Stock Market Outlook entering the Week of February 12th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
It was the S&Ps turn to move past am area of resistance (2,300) last week. We’ll soon see what can power the markets higher, now that a majority of companies have reported earnings. US investors have their eye on tax reform, which the Trump administration promised to deliver over the next few weeks.
All the indexes closed the week above their respective 20 and 50 day moving averages.
Price and volume action remains unchanged from last week (positive); leading stocks continue to advance without major sell-offs. The number number of distribution days experienced by the general market is neither high nor low.
OEW continues to signal an uptrend, and notes a possible extended rally now that we’ve passed 2,300 on the S&P…”possible” because the 2,336 level is a significant level of resistance.