Prior Trading Day Summary
On Thu Aug 6 2026 stocks continued to stay bullish but not advance as investors waited for the July Non-Farm Payroll Numbers due out today at 8:30.
The SPX fell 13 points to close at 7709. Volume was 5.5 billion shares traded with 60% of all stocks falling by the close as investors tok profits for another day while waiting for Friday’s jobs numbers..
The NASDAQ fell just 15 points ending the day at 26,348. Volume was good at 9.3 billion. 57% of all stocks were lower by the close.
A pause in the rally is still not a concern at present. Stocks are very overbought and investors are waiting on Friday’s jobs numbers.
Let’s look at the closing technical indicators from Thu Aug 6 2026 to see what the technical indicators are advising for Fri Aug 7 2026.
Stock Market Outlook: SPX Closing Chart For Thu Aug 6 2026
The index ended the day at the Upper Bollinger Band which is bullish.
The closing candlestick has a long shadow which indicates wide dips and/or spikes should be anticipated for Friday once the jobs numbers are released.
The 21 day moving average is rising and closed at 7517. This is bullish.
The 50 day moving average is rising and closed at 7489. This is bullish.
The 100 day moving average is rising and closed at 7308. This is bullish.
The 200 day moving average is rising and closed at 7061. This is bullish.
The Lower Bollinger Band is falling and now below the 100 day moving average which is bullish. The Upper Bollinger Band is rising. The signal is bullish for stocks.
The SPX chart is bullish for Fri Aug 7 2026 despite stocks still overbought..
SPX Stock Market Outlook review of Thu Aug 6 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive. This is bullish.
|
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Mon Aug 3 2026. The up signal was stronger on Thu Aug 6 2026.
|
Ultimate Oscillator: The Ultimate Oscillator is falling which is bearish.
|
Slow Stochastic: The Slow Stochastic has a down signal in place which is bearish. It is overbought.
|
Relative Strength Index: The RSI signal is falling and overbought. This is bearish.
|
| Rate of Change: The rate of change is rising which is bullish. It is signaling Friday will be higher. Settings: 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. |
Stock Market Outlook: Support and Resistance Levels |
| 7800 is resistance |
| 7780 is resistance |
| 7750 is resistance |
| 7700 is resistance |
| 7650 is resistance |
| 7600 is resistance |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is resistance |
| 7450 is resistance |
| 7425 is resistance |
| 7400 is support |
| 7370 is support |
| 7350 is support |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
Stock Market Outlook for Fri Aug 7 2026
For Fri Aug 7 2026 the July Non-Farm Payroll Numbers will have to see a large miss to affect stocks in a strongly negative way as the outlook is still very bullish.
Friday could see dips in the morning but the close is expected to be higher as bulls remain very much in charge presently.
Potential Economic and Political Market Moving Events
Monday:
9:45 US Manufacturing PMI for July came in as estimated at 53.9
10:00 ISM Report on Business Manufacturing PMI was higher than estimated at 55.6
10:00 Construction spending for June was lower than estimated coming in at -0.1%
Tuesday:
8:30 Trade for June was poorer than estimated, coming in at -$73.3 billion
10:00 Job openings for June came in as estimated at 7.4 million
10:00 Factory orders for June were lower than estimated coming in at -0.3%
Wednesday:
8:15 ADP National employment Report was almost half of estimated at44,000 for July. This number will probably be revised next month
9:45 USA Services PMI best estimates for July rising 54.6 versus 51.2 prior
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims for Aug 1 were lower than estimated at 199,000
10:00 Monthly wholesale trade for Jun was lower than estimated at 0.2%
Friday:
8:30 Employment report is estimated to show 83,000 jobs created, up from 57,000 prior
8:30 Unemployment rate estimated to remain unchanged at 4.2%
8:30 Average hourly earnings month over month is estimated unchanged at 0.3%
8:30 Average hourly earnings year-over-year is estimated unchanged at 3.5%
3:00 Consumer credit for Jun is estimated at 10 billion versus -0.2 billion prior