Stock Market Summary for Thu May 17 2018
Thursday saw oil move above $80 a barrel. This is the highest close since November 2014. The morning was stronger than the afternoon when stocks fell lower. The indexes closed off the day’s lows but all three were negative.
Closing Statistics from Thu May 17 2018
The S&P fell 2.33 to 2720.13.
The NASDAQ Composite fell 15.82 to 7382.47
The Dow Jones Industrial Average fell 54.95 to 24,713.98
Stock Market Outlook Chart Comments At The Close on Thu May 17 2018
There are no changes in the S&P chart or technical indicators.
Instead, let’s look at the chart below. You can see that for the past week the index has been stuck sideways. The closing candlestick is neutral for Friday.
Stock Market Outlook: Technical Indicators Review:
There are no changes in the technical indicator readings, this evening.
Support Levels To Be Aware Of:
2745 to 2750 was light support
2725 was light support.
2700 is support.
2675 is light support.
2650 is light support
2620 is light support
2600 is strong support.
There is good support at the 2550 level from where the market bounced back from the recent correction low 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 May 18 2018
For Friday, the outlook is the same as it was for Thursday. We should see the indexes close higher. There will continue to be dips but for Friday, dips are opportunities to setup trades.
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