Stock Market Outlook entering the Week of October 22nd = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
No change in signals to start this week. U.S. markets continue to grind higher. Volatility spiked on Thursday, but otherwise another boring week, market-wise.
The indexes remain above their 20 and 50 day moving averages.
Price and volume action is still positive, but there aren’t many new set-ups. The early September break-outs (even with their low trading volumes) are going strong. Even the less than ideal set-ups are working…although they are also more likely to give back those gains going forward (e.g. Celgene – $CELG).
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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.