Stock Market Outlook entering the Week of September 24th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
The market signals are still coming up green, with no changes to the overall signal set. What I can I say? Low volatility (measured by the $VIX) and falling dollar make for boring updates to the market outlook.
All the indexes remain above their 20 and 50 day moving averages to kick off the week.
Distribution days continue to drop off the count, putting the indexes in more “robust” territory. The Russell 2000 has staged an impressive climb since hitting its 200 day moving average, showcasing leadership from small caps (a positive sign). Also, more leading stocks broke out last week; trading volume has been just good enough.
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You can check out how well (or poorly) the outlook has tracked the market using past performance estimates: