Stock Market Outlook For The Week of
August 5th = Uptrend
20/50 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
Earnings season for U.S. stocks is winding down. All in all it was pretty positive, though some big names sold off hard.
All the indexes start this week above their 50 day, and only the Russell is below it's 20. That's enough to put the moving average signal is back to an uptrend.
2018-08-05 - US Stock Market Averages
No significant change in the number of distribution days, and the Nasdaq rebounded off its 50 day. So the price and volume indicator remains in an uptrend.
2018-08-05 - SPX Technical Analysis - DailyThe S&P ($SPX) price channel remains in play, and the 2800 price level has proven to be a good support level.
The ADX continues to show a weak trend, but it's hard to tell which direction is winning; the direction indicators are on top of one another and both are declining.
Steady as she goes!
You can check out how well (or poorly) the outlook has performed as a stand-alone, signal generator using past performance estimates: