Weekend Stock Market Outlook – May 30 2021

Stock Market Outlook entering the Week of May 30th = Uptrend

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

The stock market outlook shows an uptrend in place to start this week.

Technical analysis of daily SPX prices

SPX Price Chart for the Week of May 30 2020

Fairly flat price action for the S&P500 ($SPX) S&P heading into the Memorial Day holiday.  Currently, it’s trading ~2% above the 50-day and ~11% above the 200 day. Pretty much the same place it was last week.

The ADX remains below 20, indicating the lack of a trend, but price action over the pasts week has been bullish, flipping this signal.

The index picked another distribution day, but two fell off the count. The overall number is still high, so it’s likely this signal will remain mixed for a few of weeks.

Technical analysis of daily SPX prices

SPX Price Chart for the Week of May 30 2020

For Elliott Wave, it looks like the 5th minute wave has finally arrived.

First quarter earnings are largely in the books, with a majority of companies exceeding their own revenue projections, as well as analyst expectations. And let’s not forget operating margins; those have also been at record levels.

Since the U.S. is also leading the vaccine rollout, it stands to reason that international equities could see similar out-performance soon.

Short trading week in the U.S., with markets closed in observance of Memorial Day on Monday.

Best to Your Week!

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