2021-01-10-SPX Trendline Analysis - Daily
Price remains extended from the 200-day moving average (~14.5%), as it has for the past 9 weeks or so.
But all three signals (ADX, Price / Volume, and Elliott Wave) show an uptrend for the S&P500 ($SPX). The ADX crossed over briefly when the market sold off at the start of the week.
2021-01-10-SPX Elliott Wave Analysis - Daily - Primary 1
2021-01-10-SPX Trendline Analysis - Weekly
The December jobs reports showed the first monthly loss since April, resulting from new lockdowns and restrictions from the holiday surge in new coronavirus cases. Democrats won the Georgia runoff elections, leaving the party in control of the White House and Congress.
I, along with many others, am still processing the other debacle we witnessed last week. While the impact of the event on markets was minimal, a deep political divide still exists within the U.S.. So there will likely be more unrest (as we saw throughout 2020) as we work through it. But work through it we will.
Best to Your Week!
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:
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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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