Stock Market Outlook For The Week of
July 17th= Uptrend MOVING AVERAGES
Short-term (20 DMA): Uptrend
All the major stock market averages remained above 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.
2016-07-17 - US Stock Market AveragesCOMMENTARY
Last week was very positive for US stocks. All indexes remain above their moving averages, and price/volume action was strong (i.e. rise on higher trading volume, fall on lower trading volume). OEW analysis still shows an uptrend as well.
Given that market prices are near all time highs, I expect some selling pressure over the next few days, but not enough to derail the uptrend. With the indexes quite a bit above their short-term moving averages, traders are likely to take profits while investors look for opportunities to add to their positions when the trading subsides.
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