Stock Market Outlook entering the Week of January 15th = Uptrend

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

ANALYSIS
The stock market outlook flipped to an uptrend last week.

The S&P500 ($SPX) rose 2.7%, climbing past the 50-day moving average and taking aim at the 200-day.

SPX Elliott Wave Analysis for the Week of January 15 2023

The ADX signal remained in bullish territory, while price and volume moved into an uptrend on Wednesday.

SPX Elliott Wave Analysis for the Week of January 15 2023

Elliott Wave analysis remains bearish.  RSI(5) shows the index is overbought, and MACD crossover is less bullish than it would appear due to low volume consolidation over the holiday period.  Reclaiming 4100 would likely change to this indicator back to bullish.

COMMENTARY
Short week (markets closed Monday in honor of MLK), short post!

Best To Your Week!

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Sources: Bloomberg, CNBC, Federal Reserve Bank of St. Louis, Hedgeye, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics

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