Weekend Stock Market Outlook

Stock Market Outlook For The Week of
August 28th = Uptrend

MOVING AVERAGES

Short-term (20 DMA): Mixed
3 of the 5 major stock market averages fell below their 20-day moving averages.

Intermediate (50 DMA): Uptrend
All the major stock market averages remained above their 50-day moving averages.

Long-term (200 DMA): Uptrend
All the major stock market averages remained above their 200-day moving averages.

2016-08-28-US Stock Market Averages

COMMENTARY

US stock indexes were down slightly last week, which is a bit concerning as trading volume also rose as stocks declined. Prices reacted positively to Yellen's statement about a strengthened case for a rate hike, and negatively to Fischer's statement that a strengthened case meant two rate hikes this year.

Price/volume action deteriorated last week, as selling pressure increased and more distribution days were added to the count. OEW analysis continues to state a 5% correction is likely near-term (Weekend Update).

As mentioned last week, remember to watch your holdings. Consider tightening your stop orders to recent support levels, or take some profits if you've hit your targets.

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For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of StockCharts.com.

Moving Average Signals:

Uptrend = Market indexes remained above their moving average during the trading week

Downtrend = Market indexes remained below their moving average during the trading week

Buy signal = Market indexes rose above their moving averages during the trading week

Sell signal = Market indexes fell below their moving averages during the trading week