Stock Market Outlook entering the Week of August 5th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
Earnings season for U.S. stocks is winding down. All in all it was pretty positive, though some big names sold off hard.
All the indexes start this week above their 50 day, and only the Russell is below it’s 20. That’s enough to put the moving average signal is back to an uptrend.
No significant change in the number of distribution days, and the Nasdaq rebounded off its 50 day. So the price and volume indicator remains in an uptrend.
And we’re still in an uptrend according to Objective Elliott Wave as well.
The S&P ($SPX) price channel remains in play, and the 2800 price level has proven to be a good support level.
The ADX continues to show a weak trend, but it’s hard to tell which direction is winning; the direction indicators are on top of one another and both are declining.
Steady as she goes!
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You can check out how well (or poorly) the outlook has performed as a stand-alone, signal generator using past performance estimates:
- 2015 Performance – Stock Market Outlook
- 2016 Performance – Stock Market Outlook
- 2017 Performance – Stock Market Outlook
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of stockcharts.com.