Weekend Stock Market Outlook

Stock Market Outlook For The Week of
January 29th= Uptrend

INDICATORS

20/50/200 Day Moving Averages: Uptrend
Price & Volume Action: Uptrend
Objective Elliott Wave Analysis: Uptrend

COMMENTARY

US Markets got an upward jolt Tuesday and Wednesday last week, finally sending the Dow about 20,000 for the first time and easing concerns that the Trump rally had run its course.

All the indexes are now back above their respective 20 and 50 day moving averages.

2017-01-29-US Stock Market Averages

Price and volume action got a big boost last week and 2 distribution days fell outside the count window.

• NASDAQ = 3 (-2)
• Dow Jones Industrial = 5 (-2)
• S&P = 2 (-2)
• NYSE = 2 (-2)

Strong price action on Tuesday and Wednesday was also good enough to move OEW back into uptrend territory.

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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.