The ADX crossed over into bearish territory. Price/volme and Elliott Wave remain in updates, but need support immediately. Can the 50 or 200-day moving average provide it?
More commentary after the jump...Stock Market Outlook - Week of June 28 2020
Sunday, June 28, 2020
Weekend Stock Market Outlook - June 28 2020
The stock market outlook remains in an uptrend again this week, but is really just one down day away from a downtrend.
Sunday, June 21, 2020
Weekend Stock Market Outlook - June 21st 2020
The stock market outlook remains in an uptrend this week, but is the current rally running out of steam?
The S&P briefly dipped below the upward trendline on Monday, while the ADX "weakly" crossed-over into bullish territory.
Price ran into resistance around the 85.4% retracement level, kicking of discussions about the current count, the lack of divergence in the RSI/MACD, etc.
Watch the June 8th high and the the June 15th low for potential signal changes.
More commentary after the jump...Stock Market Outlook - Week of June 21 2020
Sunday, June 14, 2020
Weekend Stock Market Outlook - June 14th 2020
The stock market outlook remains in an uptrend this week, but market action turned a bit bearish last week.
The S&P500 found support at the 200-day moving average, and the upward trendline between the April and May lows remains intact, but the ADX Directional indicators cross-over, switching to a sell signal. For the Elliott Wave, we're left with a higher probability that the S&P is still in an Intermediate A-wave (the 4th wave to be specific).
Hertz...even the company is saying it's stock will ultimately be worthless! Bear that in mind if you decide to TRADE it.
More commentary after the jump...Stock Market Outlook - Week of June 07 2020
Sunday, June 7, 2020
Weekend Stock Market Outlook - June 7th 2020
The stock market outlook remains in an uptrend this week, with all three signals showing green.
Stocks were on fire last week. The bullish trend shown by the ADX is strengthening. Price/volume action remains positive, with no sign of heavy selling recently.
The market made also swift work of last week's update to Elliott Wave, blasting past 3041 and invalidating the count I was showing. If we get back to 3393, then we'll have to re-evaluate the Feb-Mar decline as well.
It's hard to believe, but the SP500 is just about even for the year!
More commentary after the jump...Stock Market Outlook - Week of June 07 2020
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