Stock Market Outlook entering the Week of October 29th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
Another week, and no change in signals…definitely feels like complacency has set in. But feelings are hard to trade profitably, and the positive trends remain intact. U.S. markets continue to grind higher. Volatility has picked up a bit over the past couple weeks, but is still low by all accounts.
U.S. market averages remain above their 20 and 50 day moving averages.
Price and volume action is good, thought most leaders are in profit taking zones (>20% from buy points). Now is a great time to book some gains and let the rest ride until sell signals pop up.
OEW remains in an uptrend and estimates 10% more upside before we see a meaningful correction.
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You can check out how well (or poorly) the outlook has tracked the market using past performance estimates: