Stock Market Outlook entering the Week of February 26th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US stock markets, generally speaking, paused their advance last week. For what it’s worth, the Dow even managed to keep it’s winning streak alive, hitting 11 straight days of higher closes.
All the indexes remain above their respective 20 and 50 day moving averages.
Price and volume action remains positive, although some leading stocks (i.e. those with strong fundamentals) are selling off due to weaker than expected earnings guidance. Distribution days remain in check.
OEW continues to signal an uptrend, with analysis indicating a few more higher highs before we see a 5% pullback.
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You can check out how well (or poorly) the outlook is tracking the marketing using past performance estimates:
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of stockcharts.com.