Stock Market Outlook entering the Week of July 30th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
U.S. equity markets continue to grind higher, with the DJIA pacing the advance. The NASDAQ, S&P500, and Russell 2000 had a rough go last Thursday as some big names sold off after releasing their quarterly earnings. That said, volatility remains near all time lows, so moves of 1% generate as much commentary as moves of 2-3% did back in the day.
All the major indexes remain above their 20 and 50 day moving averages. Commodities (including gold) bounced off their respective 50 day moving averages, confirming their uptrend, while the USD maintains a downtrend.
No change in the price/volume indicator. Last week saw trading volume increase, likely due to the number of earnings reports from high-profile companies (i.e. stocks that make up a large percentage of the indexes).
Still no confirmation from OEW on the correction bounce versus extending rally. For now, the signal remains in an uptrend.
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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.