Stock Market Outlook entering the Week of March 1st = Downtrend
- ADX Directional Indicators: Downtrend
- Price & Volume Action: Downtrend
- Objective Elliott Wave Analysis: Downtrend
After a brutal sell-off, the stock market outlook starts this week in a downtrend. The outlook switched to a downtrend on Monday after the S&P opened below it’s 50-day moving average.
The S&P currently sits below the 200-day moving average, and broke all the trendlines we had been following. Price appears to have found support at the October low. That’s a 100% retracement of the 2019 Q4 advanced, meaning the market gave back all that it gained since October of last year.
Don’t panic; prepare. Jim Cramer likened the current situation (healthcare-wise) to the time before measles had a vaccine. I think that’s a good comparison. They’ll be some bumps along the way, but we’ll get through it.
More commentary after the jump…Stock Market Outlook – Week of March 01 2020