Weekend Stock Market Outlook
Stock Market Outlook For The Week of
December 8th = Uptrend
ADX Directional Indicators: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend
An uptrend continues for this week's stock market outlook, with positive signals from the ADX, price/volume, and OEW. That's not to say last week wasn't without some excitement; the early week sell-off was enough to flip the ADX. But Wednesday's gap up made quick work of that change.
2019-12-08 - SPX Trendline Analysis - Daily
The S&P500 found support around the 3075 level we've discussed, and Tuesday's close also gave us a floor for a new trendline.
2019-12-08 - SPX Trendline Analysis - Weekly
The U.S. economy saw better than expected growth in November, with 266,000 jobs added vs. and estimate of 180,000, leading to Friday's strong price action.
You've seen how this market reacts to trade news, so keep an eye on your holdings and mind your buy and sell rules. We could be in for a wild finish to 2019.
I wouldn't be surprised to see last week's gaps "filled", especially if there are hints that the Phase 1 deal won't be completed this year. We also have the December 15 deadline for another $156 billion in tariffs on Chinese goods. Any shift there could rocket prices higher.
Best to your week!
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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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