Weekend Stock Market Outlook

Stock Market Outlook For The Week of
May 8th = Mixed

MOVING AVERAGES

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

Intermediate (50 DMA): Uptrend
4 of the 5 major stock market averages remained above their 50-day moving averages.

Long-term (200 DMA): Mixed
3 of the 5 major stock market averages remained above their 200-day moving averages.

2016-05-08 - US Stock Market Averages

COMMENTARY

The February uptrend appears to be ending.

Last week, the Russell 2000 joined the NASDAQ below their 200-day moving average, while the NYSE, S&P500 and DJIA tested that level during Friday's trading session.

Price/volume action continues to pile on the distribution days. OEW shows the NASDAQ in a confirmed downtrend and the S&P/DJIA waiting for confirmation.

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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