The Safe Investing Blog

Market Outlook entering the Week of June 7th = Mixed

MOVING AVERAGES

• Short-term (20 DMA): Downtrend
  3 of 5 major stock market averages remained below their 20-day moving averages.  Only the NASDAQ and Russell 2000 remained above this level.

• Intermediate (50 DMA): Downtrend
  3 of 5 major stock market averages remained below their 50-day moving averages. Only the NASDAQ and S&P 500 remained above this level.

• Long-term (200 DMA): Uptrend
  All the major stock market averages remained above their 200-day moving averages

COMMENTARY
Price-volume continues to show an uptrend, albeit a weak one, thanks to Friday’s positive performance.  That said, we’ve seen several days of high volume selling…one more large drop would be enough to move the markets into a correction.

Intermediate support/resistance levels from Objective Elliott Wave analysis remains unchanged for a 7th straight week!  Commentary suggests that we’ll be testing the support levels shortly.

• Resistance:  2,131/ 2,198
• Support:  2,070 / 2,085

2015-06-07 – US Stock Market Averages

Sources:

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.  For price/volume data, head to stockcharts.com.

Moving Average Signals:

• Uptrend=Market indexes remained above their moving average during the trading week
• Downtrend=Market indexes remained below their moving average during the trading week
• Buy signal=Market indexes fell below their moving averages during the trading week
• Sell signal=Market indexes rose above their moving averages during the trading week

Market Outlook entering the Week of May 31st = Mixed

MOVING AVERAGES

• Short-term (20 DMA): Sell Signal
  3 of 5 major stock market averages fell below their 20-day moving averages.  Only the NASDAQ and Russell 2000 remained above this level.

• Intermediate (50 DMA): Sell Signal
  3 of 5 major stock market averages fell below their 50-day moving averages. Only the NASDAQ and S&P 500 remained above this level.

• Long-term (200 DMA): Uptrend
  All the major stock market averages remained above their 200-day moving averages

COMMENTARY
The market continues to vascillate in a fairly tight range.  Price-volume action shows some selling pressure, but not enough to warrant a change in market outlook.  Objective Elliott Wave analysis shows intermediate support/resistance levels for the S&P500 remain unchanged for a 6th straight week.

• Resistance:  2,131/ 2,198
• Support:  2,070 / 2,085

Tony C. summed of the recent price movements nicely:

For the past three months this market has been a day traders dream. It has spent three months within a 95 point trading range: mostly drifting to the upside with several larger pullbacks along the way. From an Elliott Wave perspective it has been somewhat of a nightmare.

2015-05-30 – US Stock Market Averages

Sources:

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.  For price/volume data, head to stockcharts.com.

Moving Average Signals:

• Uptrend=Market indexes remained above their moving average during the trading week
• Downtrend=Market indexes remained below their moving average during the trading week
• Buy signal=Market indexes fell below their moving averages during the trading week
• Sell signal=Market indexes rose above their moving averages during the trading week

Market Outlook entering the Week of May 24th = Uptrend

MOVING AVERAGES

• Short-term (20 DMA): Uptrend
  All the major stock market averages remained above their 20-day moving averages.

• Intermediate (50 DMA): Uptrend
  All the major averages rose/remained above their 50-day moving averages.

• Long-term (200 DMA): Uptrend
  All the major stock market averages remained above their 200-day moving averages

COMMENTARY
Price volume action remained positive, maintaining this week’s positive outlook.  The Russell 2000 retook the 50-day average, and the other indexes held the line, so to speak.

Objective Elliott Wave analysis shows intermediate support/resistance levels for the S&P500 remain unchanged for a 5th straight week.

• Resistance:  2,131/ 2,198
• Support:  2,070 / 2,085

Sources:

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.  For price/volume data, head to stockcharts.com.

Moving Average Signals:

• Uptrend=Market indexes remained above their moving average during the trading week
• Downtrend=Market indexes remained below their moving average during the trading week
• Buy signal=Market indexes fell below their moving averages during the trading week
• Sell signal=Market indexes rose above their moving averages during the trading week