Weekend Stock Market Outlook

Stock Market Outlook For The Week of
November 20th = Uptrend

INDICATORS

20/50/200 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend

COMMENTARY

US stocks continued to rally last week, although not as strongly as the election week.

The Nasdaq joined the other major indexes above their respective 20/50/200 day moving averages. Given how quickly market prices rose over the past two weeks, some sideways action (consolidation) is likely in the short term.

2016-11-20-US Stock Market Averages

The number of distribution days remains elevated, but the situation is improving. Over the next week, 3 distribution days will fall off the count for the Nasdaq, NYSE, and S&P500.

The Dow did show stalling action on Friday, with small price movement on high volume, a larger than average spread between the day's high and low, and a closing price towards the low.

OEW's medium term uptrend is expected to remain in place until January.

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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.