Stock Market Outlook For The Week of
June 4th= Uptrend
20/50 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
U.S. stocks remain in rally mode as we enter the first full week of June trading.
All the major stock market averages start the week above key support levels (20 and 50 day moving averages). The US dollar remains in a downtrend, as does the general commodity market, while gold is in a uptrend.
2017-06-04-US Stock Market Averages
Two new distribution days last week, but price and volume action remains positive and in rally mode.
U.S. stocks have had quite a run since the November election; enough time for a rotation into and out of banks and oil firms. Now is a great time to check your holdings, book some profits (>20% is one of my rules), and trim any laggards that haven't kept up or have show weakness in the fundamentals (sales, earnings, etc.)
You can check out how well (or poorly) the outlook has tracked the market using past performance estimates: