The stock market outlook for Tuesday hinged on Fed Chair Janet Yellen’s speech over the lunch hour on Tuesday. It was anticipated that her speech would not change direction from her comments two weeks earlier and indeed they did not. As a result, investors bought into the market and moved the S&P into resistance at 2055.01.
S&P Index Close
The S&P opened at 2055.01 up 17.96 points for a gain of 0.88% largely on the back of the Fed comments over the lunch hour. This was not the largest rally following Fed comments, but places the S&P at a break-point in the market.
Dow Jones Index Close
The Dow Jones moved higher by 97.72 points for a gain of 0.56% to close at 17,633.11.
NASDAQ Index Close
The NASDAQ had the best gain on the day moving up 79.84 points for a 1.67% advance to close at 4846.62.
Stock Market Outlook – Advance Decline Numbers
Volume was back to normal on Tuesday with 3.8 billion shares traded following a very slow morning. By the close 70% of all volume was to the upside and 78% of all stocks were rising. There were 185 new highs, the highest number in months. There were just 12 new lows.
Stock Market Outlook for Tomorrow – Wednesday Mar 30 2016
The technical indicators are not as important after the close on Tuesday as they will be on Wednesday. On Tuesday the technical indicators were all biased due to the Fed speech results.
The advance decline numbers are again the best indicator of how the market is ready for Wednesday. The number of new highs indicates that the market will move higher on Wednesday. It is now sitting in resistance and there is a chance of the market slipping back below 2050 in the morning but overall the market is poised to push to 2060 and then 2080.
Stay FullyInformed With Email Updates
Market Direction Internal Links
Profiting From Understanding Market Direction (Articles Index)
Understanding Short-Term Signals
Market Direction Portfolio Trades (Members)
Market Direction External Links
IWM ETF Russell 2000 Fund Info
Market Direction SPY ETF 500 Fund Info