Weekend Stock Market Outlook

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.

Price charts for $SPX,$COMPQ,$INDU,$NYA,$RUT,$VIX,$TNX,$USD,$CRB,$GOLD

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 - Daily

2018-07-22 - SPX Technical Analysis - Daily

Technically 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.

If you find this research helpful, please tell a friend. If you don't find it helpful, tell an enemy. I share articles and other news of interest via Twitter; you can follow me @investsafely. The weekly market outlook is also posted on Facebook and Linkedin.

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.