Stock Market Outlook For The Week of
April 30th = Uptrend
20/50 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Mixed
Market reaction to French election results stayed on trend, giving US stocks a much needed jolt to the upside. The positive momentum was enough to move two indicators back into uptrend territory, and shift the overall market outlook.
All the indexes blew past their moving averages last week, and maintained those gains to close above their 20 and 50 day levels. This action moves the moving average outlook back to an uptrend.
2017-04-30-US Stock Market Averages
Many leading stocks broke out of their bases on Monday and Tuesday, providing enough strength to shift the price/volume outlook back to an uptrend. That said, distribution days remain elevated for both the NYSE, S&P, and DJIA. Even the Nasdaq picked up a distribution day last week. Something to keep an eye on, as it won't take much more selling to shift the outlook back to mixed (or even a downtrend).
OEW states there is a high probability that we're in an uptrend, but some confirmation is still needed, so the outlook changed to "mixed".
You can check out how well (or poorly) the outlook has tracked the market using past performance estimates: