Stock Market Outlook For The Week of
July 22nd = Uptrend
20/50 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
U.S. stocks remained above recent resistance levels, reaffirming the uptrend. So it's still game on for buying risk assets. Earnings season kicked off last week, and Q2 GDP estimates are due this week. 10-year treasuries regained their 50-day moving average, while gold and commodities remain in a downtrend.
All the indexes start the week above their 20 and 50 day moving averages.
2018-07-22 - US Stock Market Averages
We saw some higher volume selling last week (Thursday), but the signal remains in an uptrend.
OEW remains in an uptrend, and the 3000 S&P price target (~6% from the current price level) is back in play.
2018-07-22 - SPX Technical Analysis - DailyTechnically speaking, the S&P ($SPX) meandered around last week and didn't move much in either direction. Prices stayed above the 2787 support level and within the current upward price channel.
As for the ADX, the reading remains below 20, but at least the signal remains bullish.
You can check out how well (or poorly) the outlook has performed as a stand-alone, signal generator using past performance estimates:
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of stockcharts.com.