Stock Market Outlook entering the Week of November 19th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
Strong trading to close out last week puts us into week 12 of the current uptrend. A shorter window of opportunity this week, with U.S. markets closed Thursday, and open until 1pm EST on Friday, for the Thanksgiving Holiday.
The U.S. market indexes remain in good shape with respect to their moving averages. All the indexes are above their 50 day moving averages, and the Dow Jones and S&P500 start the week below their 20-day moving averages.
The Russell 2000 closed below it’s 50-day 3 days in a row last week; a potential warning sign, as it has been the weakest of the indexes. But a strong Thursday and Friday session enabled the Russell to reclaim both the 20 and 50 day levels. The NYSE also faltered last week, and now rests on the 50-day.
Price and volume action is still okay; not too good, not too bad. As mentioned last week, flat bases remain the most abundant chart pattern for growth investing, so be on the lookout for high quality set-ups (5 week minimum, high volume breakouts, etc.).
And finally, OEW shows the uptrend is still intact.
If you find this research helpful, please tell a friend. I share articles and other news of interest via Twitter; you can follow me @investsafely. The weekly market outlook is also posted on Facebook and Linkedin.
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.