The outlook for Wednesday was for stocks to remain overbought and push higher. Volume improved slightly but Microsoft, IBM, Facebook and even a rebound in Netflix which collapsed yesterday, helped propel markets higher today.
S&P Index Close
The S&P index moved higher quickly in the morning and reached the day’s high of 2175.63 at 11:30. The rest of the day the S&P drifted sideways but even the little dip shortly after 3:00 PM was bought into and the market closed at 2173.02 just below the all-time high.
Dow Jones Index Close
The Dow followed the same pattern as the S&P although it closed lower than the morning high of 18,622.01 at 18,595.03. Still this close was the highest close on record for the Dow Jones Index.
NASDAQ Index Close
The NASDAQ closed higher by 53.56 points at 5089.93. It is still below its all-time high.
Stock Market Outlook for Tomorrow – July 21 2016
Tonight’s stock market outlook is shortened to allow more time for some trading ideas for Thursday.
Overall there is not much change technically in stocks. The technical indicators are all still strongly positive but are still very overbought. The Fast Stochastic is pointing higher while the Slow Stochastic is neutral. The MACD indicator still is losing strength.
Overall though we should still see further gains on Thursday despite the market being overbought. Dips are still being bought by investors however the earnings from Intel disappointed and we could see a weak start on Thursday for stocks.
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