No change in the ADX, price/volume, or Elliott Wave signals, so the stock market outlook maintains an uptrend.
2020-08-02-SPX Trendline Analysis - Daily
The S&P500 ($SPX) remains above the support trendline, as well as the moving averages. The ADX remains bullish, while prices remain above the 50-day moving average with a low number of distribution days.
2020-08-02-SPX Elliott Wave Analysis - Daily - Intermediate A
For Elliott Wave, the Minor 5 wave is nearing completion. The [v] subwave should complete the pattern, as well as the Intermediate [A] wave. Afterwards, the Intermediate [B] correction should take hold.
A lot of data last week! On the "Wall Street" side, earnings reports came in fast and furious. Really, it was the Amazon, Apple, and Facebook show, as their performance was much better than expected...and their CEOs were dragged in front of Congress to discuss anti-trust.
Quarterly US GDP growth saw its sharpest downturn on record, but even that wasn't "as bad" as everyone feared. But Democrats and Republicans are still struggling to come up with agreeable terms for the next round of stimulus, which won't help "Main Street" at all.
More earnings on tap this week, along with updated unemployment numbers.
Best to your week!
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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.
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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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