Stock Market Outlook entering the Week of May 28th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
U.S. stocks continued to recover from the beating they took a week and a half ago, with most indexes reaching all time highs while the Russell 2000 continues to lag behind. This week will be a shortened week, as U.S. markets are closed Monday in observance of Memorial Day.
The Russell 2000 regained the 50-day moving average, but still remains below the 20 day. All the other market indexes are above both key levels.
Price/volume action improved last week, with no new distribution days and a few old ones falling off the count.
OEW analysis shows the continued uptrend as well, finally seeing at least a little bit that the Dow and S&P500 strength needed to continue the current rally.
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You can check out how well (or poorly) the outlook has tracked the market 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.