Prior Trading Day Summary
On Thu May 28 2026 the latest inflation report showed inflation in-line with estimates. Stocks moved higher as the rallyin chip stocks continued.
The S&P rose 43 points closing at 7563. Intraday the index made a new all-time high of 7568. Volume was 5.6 billion shares. By the close the number of stocks advancing was 56%.
The NASDAQ rose 242 points to close at 26,917. Volume was steady at 9.5 billion and 60% of stocks on the index were still climbing by the close.
Let’s review the closing technical indicators from Thu May 28 2026 to see what they predict for Fri May 29 2026.
Stock Market Outlook: SPX Closing Chart For Thu May 28 2026
The index closed above all major moving averages and came close to the Upper Bollinger Band intraday. This is bullish.
The closing candlestick is bullish for Friday. There are no shadows as the index is signaling overbought once again for the index.
The 21 day moving average is rising and closed at 7381. This is bullish.
The 50 day moving average is rising and closed at 7039. This is bullish.
The 100 day moving average is rising and closed at 7008. Thit is bullish.
The 200 day moving average is rising and closed at 6789. This is bullish.
The Lower Bollinger Band is climbing which is bullish at present. The Upper Bollinger Band is climbing which is bullish.
The SPX chart is more bullish than bearish for Friday.
SPX Stock Market Outlook review of Thu May 28 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising. This is bullish.
|
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue May 19 2026. On Wed May 27 2026 the down signal lost some strength. We could still see a new up signal shortly.
|
Ultimate Oscillator: The Ultimate Oscillator is falling which is bearish.
|
Slow Stochastic: The Slow Stochastic has an up signal in place.
|
Relative Strength Index: The RSI signal is rising which is bullish.
|
| Rate of Change: The rate of change is rising signaling Friday will end 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 |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is resistance |
| 7450 is resistance |
| 7425 is resistance |
| 7400 is resistance |
| 7370 is resistance |
| 7350 is resistance |
| 7280 is resistance |
| 7250 is resistance |
| 7230 is resistance |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is support |
| 7050 is support |
| 7000 is support |
| 6950 is support |
| 6900 is support |
Stock Market Outlook for Fri May 29 2026
After hours on Thursday, Dell earnings beat estimates by a wide margin sending Dell Technologies Stock (DELL) higher by over $100. This is bullish and I will be setting up a trade today, in the stock. Dell’s huge jump in valuation after hours on Thursday will help the markets climb on Friday.
As well, the latest inflation numbers were weaker than expected. This too will help stocks climb today.
Potential Economic and Political Market Moving Events
Monday:
Memorial Day holiday
Tuesday:
9:00 S&P Case-Shiller home price index fell to 0.7%
10:00 Consumer confidence was higher than estimated at 93.1
Wednesday:
No economic data released today
Thursday:
8:30 GDP for first quarter was estimated at 2.0% but can in at 1.6%
8:30 Personal income for April was flat at 0.0%
8:30 Personal Spending for April icame in as estimated at 0.5% from 0.9% prior
8:30 PCE Index for April was lower than estimated at 0.4%, down from 0.7% prior
8:30 PCE year-over-year came in as estimated at 3.3%
8:30 Weekly Initial Unemployment Insurance Claims came in higher than estimated at 215,000
8:30 Durable goods orders jumped estimates coming in are 7.9%
10:00 New home sales were far below estimates, coming in at 622,000
Friday:
There are no reports that will impact market direction