Prior Trading Day Summary
On Thu Jul 23 2026 stocks fell after disappointing earnings from the likes of Alphabet Stock (GOOGL) and other companies combined with rising oil prices to push investors into a sell-off day.
Numbers were underwhelming in general and the indexes closed lower.
The SPX lost 90 points to close at 7408 on rising volume of 5.5 billion. By the close 71% of stocks were falling.
The NASDAQ lost 553 points to 25,137. Volume was 7.8 billion shares traded. The close saw 69% of stocks falling.
After hours on Thursday Intel earnings surprised with exceptional quarterly earnings.
Let’s review the closing technical indicators from Thu Jul 23 2026 to see what to expect for Fri Jul 24 2026.
Stock Market Outlook: SPX Closing Chart For Thu Jul 23 2026
The index ended the day below both the 21 day and 50 day moving averages which is bearish.
The closing candlestick is bearish for Friday but with long shadows top and bottom which signals indecision on the part of investors. Dips are likely again on Friday.
The 21 day moving average is rising and closed at 7481. It is nearing the 50 day moving average.This is bearish.
The 50 day moving average is unchanged and closed at 7471. This is bearish.
The 100 day moving average is rising and closed at 7258. This is bullish.
The 200 day moving average is rising and closed at 7011. This is bullish.
The Lower Bollinger Band is rising. The Upper Bollinger Band is falling. The Bollinger Bands Squeeze is ending with signals pointing to stocks moving lower.
The SPX chart is more bearish than bullish for Fri Jul 24 2026.
SPX Stock Market Outlook review of Thu Jul 23 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and negative. This is bearish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Fri Jul 17 2026. On Thu Jul 23 2026 the down signal gained strength.
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Ultimate Oscillator: The Ultimate Oscillator is falling which is bearish.
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Slow Stochastic: The Slow Stochastic has a weak up signal in place.
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Relative Strength Index: The RSI signal is falling which is bearish.
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| Rate of Change: The rate of change is rising which is bullish. 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 |
| 7600 is resistance |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is resistance |
| 7450 is resistance |
| 7425 is resistance |
| 7400 is resistance |
| 7370 is support |
| 7350 is support |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is good support |
Stock Market Outlook for Fri Jul 24 2026
On Thursday a number of stocks saw major declines including Alphabet Stock (GOOGL) down 7.1%, Tesla Stock (TSLA) down 14.5%, T-Mobile Stock (TMUS) down 10.7% and others. With oil prices climbing sharply, investors decided to take some profits and stocks tumbled. The technical indicators are overly bearish which often points to a possible bounce attempt. For Friday stocks could such a bounce but the outlook is still for a move lower.
Potential Economic and Political Market Moving Events
Monday:
10:00 Leading indicators for Jun came in lower than estimated at -0.2%
Tuesday:
no reports issues
Wednesday:
There are no reports
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims were lower than estimated coming in at 187,000
Friday:
9:45 Flash Manufacturing PMI for July is estimated at 54.4, down from 55.7 prior
9:45 Flash services PMI for July is estimated at 51.5 up slightly from 51.3 prior
10:00 New Home Sales are estimated at 606,000 for Jun, up from 580,000 prior