Stock Market Outlook entering the Week of April 21st = Uptrend
- ADX Directional Indicators: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
No change in the signals as we start the week. The ADX, Price & Volume, and OEW all remain in an uptrend.
A weekly view of the S&P shows the late December uptrend was violated last week, but not by much. The index needed to close at 2,925 or higher, but instead closed at 2,905. We’ll have to see if prices can recover this week. The declining volume doesn’t instill much confidence in the run towards new highs, but a holiday shortened week clouds the issue.
In the daily view, the S&P 500 ($SPX) remains within the uptrend channel. And we can see an uptick in trading volume as prices hit 2,900…contradicting the weekly view.
Charts to follow soon.
Happy Easter Weekend!
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Charts provided courtesy of stockcharts.com.
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Once a year, I review the market outlook signals as if they were a mechanical trading system, while pointing out issues and making adjustments. The goal is to give you to give you an example of how to analyze and continuously improve your own systems.
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