Stock Market Outlook For The Week of
December 11th = Uptrend
20/50/200 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
US stocks returned to their winning ways, as all the major indexes posted impressive gains.
The Nasdaq recovered nicely, rejoining all the other major indexes above their respective 20, 50, and 200 day moving averages.
2016-12-11-US Stock Market AveragesSo much for that topping action mentioned in last week's update. Wednesday's price volume action tabled that discussion.
All the indexes went on to lose a distribution day last week. The NASDAQ remains elevated, which is expected given all the selling in major technology names recently. (Nasdaq = 4, NYSE = 1, S&P500 = 3, and the Dow = 2).
OEW remains in an uptrend and continues to expect it to last into January.