Weekend Stock Market Outlook – April 11 2021

Stock Market Outlook entering the Week of April 11th = Uptrend

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

The stock market outlook shows an uptrend remains in place to start the week of April 11th.

Technical analysis of daily SPX prices

2021-04-11-SPX Trendline Analysis-Daily

A strong showing for the S&P500 ($SPX) last week. The ADX shows a strengthening, bullish trend taking shape, and a few more distribution days fell outside of the 5 week window, improving the count.

In the minus column, trading volume hasn’t accompanied the rally higher, it’s trended lower. The S&P looks extended from the 200day again, but not from other technical trendlines. The old upper channel becomes relevant again would support additional headroom.

Technical analysis of daily SPX prices

2021-04-11-SPX Elliott Wave Analysis-Daily-Primary1

The Elliott Wave count remains the same as the past couple of weeks, showing the S&P in the third wave of a Minor 5.

Friday’s rally into the close put the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 at all time highs. Word on the street is that lots of funds were shorting the market (because, you know, it hit 4000, a round number), and had to cover. Monthly options expire this Friday, so we could see an uptick in volatility in the very short-term. Longer term, market volatility continues to drop, seemingly supported by a buy the dip mentality.

Earnings season begins this week with some big financial firms releasing their Q1 numbers (e.g. JP Morgan, Goldman Sachs, etc.).

Best to Your Week!

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