Stock Market Outlook entering the Week of February 19th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US stock markets moved higher last week, although trading volume was a bit on the low side. US markets are closed on Monday.
All the indexes remain above their respective 20 and 50 day moving averages. For reference, from the low on Nov 4th, the S&P has rallied a little more than 11%, and sits about 3% above its 50-day moving average.
Price and volume action continues on the positive side, with leading stocks (i.e. those with strong fundamentals) continuing to break out of bases and rally higher. Distribution days remain in check.
OEW continues to signal an uptrend, with last week’s price action eliminating the bearish scenarios that were being tracked.
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You can check out how well (or poorly) the outlook is tracking the marketing using past performance estimates: