Stock Market Outlook entering the Week of March 19th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
US markets rebounded last week, rallying on the 0.25% rate hike. All the indexes are back above their 20 and 50 day moving averages.
Price and volume action remains positive; as mentioned last week, leading stocks continue to move sideways. On the plus side, few are selling off on high volume, suggesting the rally still has some steam.
OEW uptrend signal also remains in place. as we still need “higher highs” before the next correction. Tony also reviews the “four-year Presidential cycle” as a method for forecasting major market lows. As far as indicators go, it actually has a pretty good track record.
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You can check out how well (or poorly) the outlook has tracked the market using past performance estimates: