On Friday, stocks dipped in the morning with a bit of selling pressure ahead of the long holiday weekend. The afternoon saw investors picking up enough stocks to push the indexes back into slightly positive territory.
S&P Index Close
The S&P index ended the day up just 3.94 points to close at 2351.16
Dow Jones Index Close
The Dow Jones ended up 4.28 points to close at 20,624.05
NASDAQ Index Close
The NASDAQ closed up 23.68 points for the best showing of the three indexes. It closed at 5838.58
Stock Market Outlook
As explained in my earlier article, I spent the weekend on the FullyInformed Tools for selling put options so there is not too much time this evening for a full review of the market technically.
I will be doing up The Week Ahead on Tuesday Feb 21.
Stock Market Outlook for Tomorrow – Tuesday Feb 21 2017
Meanwhile the S&P index has slipped back inside the Upper Bollinger Band which often signals that the overbought condition of the market will see more weakness to start off the week.
Therefore on Tuesday watch for the market to remain weak but still try to stay positive. I don’t think that will happen. Instead I think we will see some negativity in the indexes with a couple of dips during the day. The close though should be either positive or slightly negative but a big move either way is not expected. In general then, the outlook is for the market to stay overbought, weak but hold a bias up.
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