Weekend Stock Market Outlook

Stock Market Outlook entering the Week of July 12th = Uptrend

    • ADX Directional Indicators: Uptrend
    • Price & Volume Action: Uptrend
    • Elliott Wave Analysis: Uptrend

The stock market outlook uptrend remains in place this week, though there wasn’t a lot of activity either way. That’s not to say there wasn’t ANY activity in the markets; Tesla stole the show by jumping ~20%.

Action in the ($SPX) was flat last week. The ADX remains bullish. Distribution days are spread out, so the elevated count (6) isn’t cause for concern.

Technical analysis of daily SPX prices

2020-07-12-SPX Trendline Analysis-Daily

The index closed at the resistance trendline on Friday. Bulls are expecting a gap up on Monday that negates the trendline, bears are expecting a drop back to support levels.

Technical analysis of daily SPX prices

2020-07-12-SPX Elliott Wave Analysis-Daily-Intermediate A

No change to the Elliott Wave count this week (still in a 5th wave, looking to get past the June 8th high), though there was a small divergence in the RSI (slightly higher close/ slightly lower RSI reading on Friday vs Monday).

Big name U.S. banks begin Q2 earnings reports this week, so we could be in for some volatile moves. Since they are typically used for income investing strategies, be on the lookout for dividend cuts and or changes in the payout ratio.

Best to your week!

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2 Responses to Weekend Stock Market Outlook

  1. Scot says:

    Thanks for your updates! Your approach is so reasonable and well thought out. I appreciate your willingness to put forth all the effort that I know it takes to run your website.

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