Weekend Stock Market Outlook

Stock Market Outlook entering the Week of June 4th = Uptrend

  • 20/50 Day Moving Averages: Uptrend
  • Price & Volume Action: Uptrend
  • Objective Elliott Wave Analysis: Uptrend

U.S. stocks remain in rally mode as we enter the first full week of June trading.

All the major stock market averages start the week above key support levels (20 and 50 day moving averages).  The US dollar remains in a downtrend, as does the general commodity market, while gold is in a uptrend.

Price Action for $INDU,$NYA,$SPX,$USD,$COMPQ,$CRB,$RUT,$GOLD

2017-06-04 – US Stock Market Averages

Two new distribution days last week, but price and volume action remains positive and in rally mode.

OEW maintains an uptrend signal as well.

U.S. stocks have had quite a run since the November election; enough time for a rotation into and out of banks and oil firms.  Now is a great time to check your holdings, book some profits (>20% is one of my rules), and trim any laggards that haven’t kept up or have show weakness in the fundamentals (sales, earnings, etc.)

If you find this research helpful, please tell a friend. I share articles and other news of interest via Twitter; you can follow me @investsafely. The weekly market outlook is also posted on Facebook and Linkedin.

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.


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