I am late with the Stock Market Outlook this evening as I spent much of the evening with 3 members working on some trade repairs for them. Tonight’s outlook is condensed.
Closing Statistics for Tue Feb 13 2018
S&P 500 Index Close
The S&P index ended up 6.94 to 2662.94
Dow Jones Index Close
The Dow Jones ended up 39.18 to 24640.45
NASDAQ Index Close
The NASDAQ closed up 31.55 to 7013.51
Support Levels To Be Aware Of:
2675 and 2620 were light support.
There is good support at the 2550 level.
The S&P has light support at 2480. It also has light support at 2450 and good support at 2425. Below that there is some support at 2400, 2380, 2350. 2300 has the most support at present but would represent a full correction as a drop to this level would be almost 15%.
Stock Market Outlook for Tomorrow – Wed Feb 14 2018
Tuesday was choppy but the S&P stayed positive and that will assist in the healing of the correction. There were numerous signs during the day however that buyers are taking their time, especially after Monday’s big jump. This is leading to choppiness as buyers are sitting back and waiting for stocks to come to their prices. This is building up weakness in the markets. Wednesday we could see some dips as weakness builds. Unless there is more buying on Wednesday, markets have a good chance of being negative for much of the day and closing down.
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