FullyInformed.com

Stock Market Outlook For Fri Jun 2 2023 – All About The May Jobs Numbers

Jun 2, 2023 | Stock Market Outlook

All About The Non-Farm Payroll Report

On Thursday stocks staged a rally on the back of a weaker ISM number and more dovish Fed Beige Book.

By the close the S&P has risen 41 points to end the day at 4221.

The NASDAQ rose 165 points to end the day at 13100.

Friday we get the May non-farm payroll numbers. Often these numbers can be a market moving event.

Let’s review the SPX closing technical indicators on Thu Jun 1 2023 to see what to expect for stocks for Fri Jun 2 2023.


Stock Market Outlook Chart Comments At The Close on Thu Jun 1 2023 

The index closed higher and left behind a bullish candlestick.

The SPX continues above the 21 day moving average and is back pressuring the Upper Bollinger Band. This is bullish.

The 100 day moving average moved above the Lower Bollinger Band on Thursday which is also bullish.

The 21, 50, 100 and 200 day moving averages are rising which is bullish.

The S&P chart is more bullish than bearish and is pointing to a higher day on Friday.

There are 7 up signal since January and no down signal in the chart.

Stock Market Outlook review of Thu Jun 1 2023

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is falling and positive.

  • Settings: For momentum I use a 10 period when studying market direction.

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Friday May 26. The up signal strengthened on Thursday. The MACD histogram is still positive.

  • Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. 

Ultimate Oscillator: The Ultimate Oscillator is rising and positive.

  • Settings: 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.

Slow Stochastic: The Slow Stochastic has an up signal in place.

  • Settings: 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.

Relative Strength Index: The RSI signal is rising and positive.

  • Settings: 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.

Rate of Change: The rate of change signal is rising.

  • 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.

Support and Resistance Levels To Be Aware Of:

4250 is resistance

4240 is resistance

4225 is resistance

4210 is resistance

4200 is resistance

4190 is resistance

4180 is resistance

4175 is resistance

4150 is resistance

4135 is resistance

4125 is support

4100 is support

4090 is support

4075 is support

4050 is support

4030 is light support

4025 is light support

4000 is support

Stock Market Outlook for Fri Jun 2 2023 

For Friday the S&P technical indicators are pointing to a higher day even if the May non-farm payroll numbers disappoint.

Potential Economic and Political Market Moving Events

For today the May non-farm payroll numbers is the major event to watch.

Thursday:

8:30 May non-farm payroll report is expected to show 190,000 jobs and a 3.5% unemployment rate, up slightly from April’s 3.4%.

 






Search

Select to view all results...

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Recent Outlooks

Stock Market Outlook for Fri Jun 21 2024 – Weakness – Choppy Bias Lower

Prior Trading Day Summary: On Thursday the S&P shot above 5500 for the first time which brought in sellers. With volume rising in the afternoon the index slipped to close at 5473 down 14 points. 57% of all volume was …

Morning Investing Strategy Notes for Thu Jun 20 2024

For FullyInformed Members the morning Investing Strategy Notes for Thu Jun 20 2024 discuss the outlook with technical indicators signaling overbought. There are trades planned in Microsoft Stock (MSFT), TQQQ ProShares UltraPro 3X Bull NASDAQ 100 (TQQQ) and CarMax Stock …

Stock Market Outlook for Thu Jun 20 2024 – Choppy – Dip Possible But Still Up

Prior Trading Day Summary: On Tuesday (June 18) investors got the latest retail sales numbers which were slightly weaker than expected. coming in at 0.1% which was lower than estimates of 0.2% but better then the previous reading of minus …

Morning Investing Strategy Notes for Tue Jun 18 2024

For FullyInformed Members the morning Investing Strategy Notes for Tue Jun 18 2024 discuss the expectations for retail sales on Tuesday. There are trades planned in KB Home Stock (KBH), Kroger Stock (KR), Darden Restaurants Stock (DRI), Winnebago Industries Stock …

Stock Market Outlook for Tue Jun 18 2024 – Overbought – Dips Likely But Higher Close

Prior Trading Day Summary: On Monday the SPX opened lower on light selling but within an hour the buyers had returned. By the end of the day the S&P was at a new all-time high in a convincing rally of …

Morning Investing Strategy Notes for Mon Jun 17 2024

For FullyInformed Members the morning Investing Strategy Notes for Mon Jun 17 2024 discuss the outlook for the next two days leading to the holiday on Wednesday. There are trades planned in IWM ETF, Adobe Stock (ADBE), Tesla Stock (TSLA), …

Stock Market Outlook for Mon Jun 17 2024 – Weakness – Lower Day But Still Bullish

Prior Trading Day Summary: On Friday the SPX had a flat day, losing just 2 points to close at 5431. However 75% of all volume was being traded lower and 66% of all stocks on the index were falling. The …

Morning Investing Strategy Notes for Fri Jun 14 2024

For FullyInformed Members the morning Investing Strategy Notes for Fri Jun 14 2024 discuss the state of the rally as of Friday. There are trades planned in Adobe Stock (ADBE), Tesla Stock (TSLA), SPY ETF and more. The morning Investing …

Stock Market Outlook for Fri Jun 14 2024 – Unchanged At Overbought – Dips Likely

Prior Trading Day Summary: On Thursday the SPX dipped lower down to 5400 but not below it. The close was higher at 5433 for a gain of 13 points and another new closing high. On the index though, volume and …

Morning Investing Strategy Notes for Thu Jun 13 2024

For FullyInformed Members the morning Investing Strategy Notes for Thu Jun 13 2024 discuss the outlook following Wednesday’s Fed interest rate decision. There are trades planned in TQQQ ETF, SPY ETF, Adobe Stock (ADBE) and others. The morning Investing Strategy …

Stock Market Outlook for Thu Jun 13 2024 – Overbought – Dips Likely

Prior Trading Day Summary: On Wednesday the morning started with news that the CPI numbers were lower than any estimates which sent stocks higher. In the afternoon the Fed left interest rates unchanged and indicated one reduction was probable in …

Morning Investing Strategy Notes for Wed Jun 12 2024

For FullyInformed Members the morning Investing Strategy Notes for Wed Jun 12 2024 discuss the outlook for today’s market movement at the open with the CPI numbers and the afternoon with the FOMC interest rate announcement and news conference. There …

Stock Market Outlook for Wed Jun 12 2024 – All About The Fed

Prior Trading Day Summary: On Tuesday stocks were split with many stocks moving lower but the indexes still climbing. The S&P closed up 14 points at a new closing high of 5375. On the NASDAQ the index closed up 151 …

Morning Investing Strategy Notes for Tue Jun 11 2024

For FullyInformed Members the morning Investing Strategy Notes for Tue Jun 11 2024 discuss the outlook ahead of Wednesday’s latest Fed interest rate decision. There are trades planned in Eli Lilly Stock (LLY), Oracle Stock (ORCL), Casey’s General Store Stock …