Stock Market Outlook for Fri Apr 13 2018 – Higher

Stock Market Outlook - still higher

 

Summary:

Thursday saw stocks move higher against a backdrop of there being no “bad” news reported on. The stock markets have become entwined with news reports. Down days are also bad news days while up days are good news days.

Thursday was a good news day.


Closing Statistics:

The S&P rose 21.80 points to 2663.99

The NASDAQ Composite rose 71.22 to 7140.25

The Dow Jones Industrial Average rose 293.60 to 24,483.05

Stock Market Outlook Chart Comments At The Close:

The chart overall is still bearish but showing improvement.

The index rose to close above the 21 day moving average but closed below the 100 day moving average.

The closing candlestick was bullish for Friday. The 21 day moving average is still falling below the 100 day which is also bearish.

All the major moving averages are falling except for the 200.

Stock Market Outlook review of Thu Apr 12 2018

Stock Market Outlook: Technical Indicators Review:

Momentum: For momentum I use a 10 period when studying market direction. Momentum is positive and rising.

MACD Histogram: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. MACD (Moving Averages Convergence / Divergence) issued a buy signal on Apr 11. That buy signal was confirmed on Thursday, this week.

Ultimate Oscillator: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months. The Ultimate Oscillator signal is negative but climbing higher..

Slow Stochastic: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day. The Slow Stochastic has an up signal in place.

Relative Strength Index: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor.  It is often the first indicator to show an overbought or oversold signal.  The RSI signal is rising.

Rate of Change: Rate Of Change is set for a 21 period. This indicator looks back 21 days and compares price action from the past to the present. With the Rate Of Change, prices are rising when signals are positive. Conversely, prices are falling when signals are negative. As an advance rises the Rate Of Change signal should also rise higher, otherwise the rally is suspect. A decline should see the Rate Of Change fall into negative signals. The more negative the signals the stronger the decline. The rate of change is positive and rising.






 


Support Levels To Be Aware Of:

2745 to 2750 was light support

2710 was light support.

2700 was good support.

2675 was light support.

2650 is light support and 2620 is also light support.

2600 is good support.

There is good support at the 2550 level from where the market bounced back from the recent correction on Feb 9.

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 20% and just 5% away from a potential bear market signal.


 Stock Market Outlook for Tomorrow – Fri Apr 13 2018

With President Trump fairly silent during the day on Wednesday, the market moved higher. This could change at a moment’s notice. Don’t be surprised by news of a missile attack on Syria which will also sink stocks, probably for a short period only.

Until then though, the outlook is higher for Friday, the 13th. (Scary right!)

Volumes should pick up as there are weekly options expiring on Friday, however I am not expecting a spike higher in volumes.


Stock Market Outlook Archives

Stock Market Outlook weakness but higher close
The outlook was for a higher day on Wednesday. The S&P continued its climb flanked by the Dow Index which was up for another straight ....... Read More
Stock Market Outlook - Higher
I had expected to see a slightly negative close on Tuesday for the S&P and NASDAQ. Instead, they opened lower, largely due to Netflix concerns, ....... Read More
Stock Market Outlook - Weakness
Monday saw the Dow made a third straight day of gains but the S&P and NASDAQ both dip slightly lower. Stock Market Outlook Chart Comments ....... Read More
Stock Market Outlook Higher Still
On Thursday investors piled back into stocks, as trade war worries were cast aside, at least for the moment. Volumes picked up and the NASDAQ ....... Read More
Stock Market Outlook Weakness
On Tuesday bank stocks pulled back following a one day rally. PepsiCo was the main stock focused on as it moved ahead 4.76% but with ....... Read More
Stock Market Outlook Morning weakness possible but higher close
Monday bank stocks came to life and closed up 3% as a sector.With banks due to begin reporting on Friday, investors suddenly seemed to notice ....... Read More
Stock Market Outlook - still higher
The outlook for the S&P for Friday July 6 was the S&P to end higher following the jobs report. The jobs numbers for June were ....... Read More
Stock Market Outlook Dashboard - Short-Term
The stock market outlook dashboard is being expanded into sections to make it easier to maintain and expand. Here are the latest Short-Term Dashboard indicators ....... Read More
Loading...