Weekend Stock Market Outlook


Stock Market Outlook For The Week of
August 28th = Uptrend

MOVING AVERAGES

Short-term (20 DMA): Mixed
3 of the 5 major stock market averages fell below their 20-day moving averages.

Intermediate (50 DMA): Uptrend
All the major stock market averages 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.

2016-08-28-US Stock Market Averages

2016-08-28-US Stock Market Averages

COMMENTARY

US stock indexes were down slightly last week, which is a bit concerning as trading volume also rose as stocks declined. Prices reacted positively to Yellen's statement about a strengthened case for a rate hike, and negatively to Fischer's statement that a strengthened case meant two rate hikes this year.

Price/volume action deteriorated last week, as selling pressure increased and more distribution days were added to the count. OEW analysis continues to state a 5% correction is likely near-term (Weekend Update).

As mentioned last week, remember to watch your holdings. Consider tightening your stop orders to recent support levels, or take some profits if you've hit your targets.



For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of 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 rose above their moving averages during the trading week

Sell signal = Market indexes fell below their moving averages during the trading week



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