Weekend Stock Market Outlook
Stock Market Outlook For The Week of
March 17th = Uptrend
ADX Directional Indicators: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
Uptrend signals across the board this week.
In the weekly view, the S&P starts this week right at a key resistance level. And we have a lower weekly close to use as a reference point for an uptrend. It's a steep trendline...you have to wonder how long it can be maintained.
2019-03-17 - SPX Trendline Analysis - Weekly
Switching to a daily view, the S&P500 ($SPX) recovered from a very brief trip below the 200-day moving average. Prices start the week just above a resistance trendline going back to Q4 of last year. The index needs a high-volume gain this week to change the 2810's from resistance into support.
2019-03-17 - SPX Trendline Analysis - Daily
The DI+ / DI- starts the week in bullish territory, having briefly flipped to bearish last week. Price/volume still signals an uptrend.
The OEW group maintained an uptrend call for this week, through the near-term potential for sideways/corrective price action remains.
2019-03-17 - US Stock Market Averages
The DJIA and Russell 2000 haven't shown the same strength as the NASDAQ and S&P; this difference is part of the reason OEW touched on the possibility for "weak" price action.
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Charts provided courtesy of stockcharts.com.
If you're interested in learning more about the relationship between price and volume, or how to find and trade the best stocks for your growth strategy, check out this book on Amazon via the following affiliate link: How to Make Money in Stocks: A Winning System in Good Times and Bad. It's one of my favorites.
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro.
Once a year, I review the market outlook signals as if they were a mechanical trading system, while pointing out issues and making adjustments. The goal is to give you to give you an example of how to analyze and continuously improve your own systems.
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