Stock Market Outlook entering the Week of November 12th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
We’re entering the 11th week of the current uptrend, although last week was the first lower weekly close in almost 2 months for a couple of the indexes.
The U.S. market indexes begin the week in good shape, with only 1 index looking for support at a key level. The Russell 2000 continues to the be the weakest index, with regard to moving averages. It starts this week just above the 50-day moving average. The other indexes sit just above their 20-day moving averages.
Price and volume action didn’t improve last week, but it didn’t degrade either. Several leading growth stocks rocketed higher after reporting earnings (e.g. NVDA). As mentioned last week, most leaders are extended from proper buy points, so now is not the time to initiate new positions.
Since we haven’t had much in the way of proper corrections, flat bases have been the best technical entry point for initiating new positions and/or adding shares.
And finally, OEW shows the uptrend is still intact.
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You can check out how well (or poorly) the outlook has tracked the market using past performance estimates: