Weekend Stock Market Outlook

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Stock Market Outlook For The Week of
December 18th = Uptrend

INDICATORS

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

COMMENTARY

US stocks took a breather last week with some sideways price action. Considering how quickly the markets have advanced since the US election, a brief pause is a good thing; it sets up future advances.

All the major indexes remain above their respective 20, 50, and 200 day moving averages.

2016-12-18-US Stock Market Averages

2016-12-18-US Stock Market Averages

The Nasdaq lost a distribution day last week. The NYSE picked up 3, while the Dow and S&P added 2. (Totals: Nasdaq = 3, NYSE = 4, S&P500 = 5, Dow = 4). None of the averages are elevated yet, so the rally should still have some legs.

OEW remains in an uptrend.

For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of StockCharts.com.