Stock Market Outlook For The Week of
August 5th = Uptrend
INDICATORS
20/50 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
Earnings season for U.S. stocks is winding down. All in all it was pretty positive, though some big names sold off hard.
All the indexes start this week above their 50 day, and only the Russell is below it's 20. That's enough to put the moving average signal is back to an uptrend.
2018-08-05 - US Stock Market Averages
No significant change in the number of distribution days, and the Nasdaq rebounded off its 50 day. So the price and volume indicator remains in an uptrend.
And we're still in an uptrend according to Objective Elliott Wave as well.
2018-08-05 - SPX Technical Analysis - Daily
The S&P ($SPX) price channel remains in play, and the 2800 price level has proven to be a good support level.
The ADX continues to show a weak trend, but it's hard to tell which direction is winning; the direction indicators are on top of one another and both are declining.
If you find this research helpful, please tell a friend. If you don't find it helpful, tell an enemy. I share articles and other news of interest via Twitter; you can follow me @investsafely. The weekly market outlook is also posted on Facebook and Linkedin.
You can check out how well (or poorly) the outlook has performed as a stand-alone, signal generator using past performance estimates:
- 2015 Performance - Stock Market Outlook
- 2016 Performance - Stock Market Outlook
- 2017 Performance - Stock Market Outlook
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of stockcharts.com.
Return from Stock Market Outlook 2018-08-05 to Tracking the Stock Market
Return to Invest-Safely.com
No comments:
Post a Comment