Stock Market Outlook For The Week of
October 2nd = Mixed
20/50/200 Day Moving Averages: Mixed
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Mixed
Not much changed last week, so the outlook remains mixed.
From a moving average perspective, the Nasdaq and Russell 2000 continue their leading ways, with both indexes above their 20, 50, and 200 day moving averages. The NYSE/S&P500/DJIA are above their 20 day moving averages, but not their 50's; each continue to recover from the September sell off.
2016-10-02-US Stock Market AveragesNo change in the total number of distribution days last week either. The uptrend remains in place, but be on the lookout for high-volume sell-offs.
And we're still looking for a confirmation of the recent uptrend from OEW. Even with a confirmation, there's still room for negative price action so I've changed that outlook to mixed.