Weekend Stock Market Outlook
Stock Market Outlook For The Week of
June 2nd = Downtrend
ADX Directional Indicators: Downtrend
Price & Volume Action: Downtrend
Objective Elliott Wave Analysis: Downtrend
Sell at the start of May and go away would have been great advice this year. No change in signals; the "downtrend" enters its fourth week.
In the daily view, S&P 500 prices ($SPX) took out another potential support level, closing below the 200-day moving average.
2019-06-026 - SPX Trendline Analysis - Daily
The ADX directional indicators show the bears in control and two more high-volume selling days were added to the count last week. OEW maintains the downtrend as well. 2,720 looks like the next potential support level.
2019-06-02 - SPX Trendline Analysis - Weekly
In the weekly view, take a look at June trading volumes over the past few years; it looks like we could be in for some high volume trading over the new few weeks. That could be good news if markets find support and start rallying this month.
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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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