Stock Market Outlook For The Week of
November 20th = Uptrend
20/50/200 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
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.