The stock market outlook flipped to an uptrend last week (Monday) with another change in the ADX signal. Price/volume remained in an uptrend, while the Elliott Wave downtrend remains in place...it's just a REALLY shallow one.
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The directional indicators flipped again, but the overall ADX still shows a VERY weak trend, as it has been for the entire month.
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For Elliott Wave, the S&P500 has been working through an intermediate B wave for all of May. A B-wave is expected to retrace a lot of the A-wave. So far, that hasn't really happened. I've seen three potential counts; odds favor the B-wave is still in place, so this signal is still in a downtrend for now.
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More commentary after the jump...<a href="https://www.invest-safely.com/stock-market-outlook-2020-05-24.html" rel="noopener" target="_blank">Stock Market Outlook - Week of May 24 2020</a>
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