Stock Market Outlook entering the Week of June 16th = Uptrend
- ADX Directional Indicators: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
All signals in the green to kick off this week. Prices didn’t make much progress after retaking the 50-day moving average, and trading volumes were subdued. The latest geopolitical tensions didn’t help, this time with Iran.
2019-06-16 – SPX Trendline Analysis – Daily
In the daily view, the S&P 500 ($SPX) found support at the 50-day, rather than resistance, but we did pick up some distribution along the way. The ADX remains bullish and I expect OEW to keep their uptrend call when they post this weeks update.
2019-06-16 – SPX Trendline Analysis – Weekly
In the weekly view, we see the same trend and price action reflected in the daily view.
My watch list for “growth” stocks looks okay; some new names and some that have held up well over past few weeks. But my income stocks continue to outperform, which gives me pause about the current state of the market…not to mention gold’s recent rally.
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Charts provided courtesy of stockcharts.com.
If you’re interested in learning more about the relationship between price and volume, or how to find and trade the best stocks for your growth strategy, check out this book on Amazon via the following affiliate link: How to Make Money in Stocks: A Winning System in Good Times and Bad. It’s one of my favorites.
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.
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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