The outlook for Friday was for a second bounce and then a move lower. The latest quarterly earnings results from JP Morgan, Citigroup and Wells Fargo were decent and the market jumped at the outset. The rally lasted until about 11:00 AM and then began to fall apart. By noon the rally was done and by the close, the S&P was barely unchanged on the day.
S&P Index Close
The S&P index closed up 0.43 points to 2,132.98.
Dow Jones Index Close
The Dow Jones closed up 39.44 points to 18,138.38.
NASDAQ Index Close
The NASDAQ closed up 0.83 points to 5,214.16.
Stock Market Outlook for Tomorrow – Oct 17 2016
The stock market outlook is shortened tonight as the weekend was spent implementing changes to the website as I prepare to release the new website and its new software tools for members.
The outlook remains negative for stocks for Monday. The technical tools are all negative and the sell signal from MACD strengthened further on Friday. All the indicators are negative. The only bright spot is the Slow Stochastic which indicates by mid-week the market might stabilize.
A lot will depend on the earnings this week, but for Monday the S&P and NASDAQ are positioned to move lower.
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