Weekend Stock Market Outlook

Stock Market Outlook entering the Week of November 25th = Downtrend

  • 20/50 Day Moving Averages: Downtrend
  • Price & Volume Action: Downtrend
  • Objective Elliott Wave Analysis: Downtrend

COMMENTARY
Investors didn’t display much holiday cheer during the short trading week in the US. So much for my thought that we’d head back to the 50-day moving average last week…just another example of why it’s so important to stick with clearly defined buy and sell rules.

All the indexes start the week back below their 20 and 50 day moving averages.

Price charts for $SPX,$COMPQ,$INDU,$NYA,$RUT,$VIX,$TNX,$USD,$CRB,$GOLD

2018-11-25 – US Stock Market Averages

The price/volume signal switches to a downtrend signal after taking out the October lows. As mentioned last week, it wasn’t a strong uptrend to begin with, so a change isn’t so surprising.

OEW is back to a downtrend, as the uptrend within the overall downtrend appears to have completed already (versus last week’s statement that a rally to +2800 was in the cards).

The S&P ($SPX) gapped down last week, breaking through a fledgling trendline and eventually closing out the week below the October low.  The closing price wasn’t too far way from that mark, so support around 2640 is still a possibility.

2018-11-25 - SPX Technical Analysis - Daily

2018-11-25 – SPX Technical Analysis – Daily

In the weekly view, the S&P confirmed the downtrend last week.

2018-11-25 - SPX Technical Analysis - Weekly

2018-11-25 – SPX Technical Analysis – Weekly

Hopefully you stayed conservative last week and enjoyed some Thanksgiving feasting.

Participate. Protect. Prepare.


If you find this research helpful, please tell a friend. If you don’t find it helpful, tell an enemy. 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 performed as a stand-alone, signal generator 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.


 

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