Prior Trading Day Summary:
On Thursday the SPX failed to retest the lot from Wednesday and managed to close back above 5800. This is bullish for another bounce attempt. The SPX rose 12 points to close at 5809.
The NASDAQ had its best day since Mon Oct 14, rising 139 points to close at 18,415.
Let’s review the technical indicators from Thu Oct 24 2024 to see what they predict for the last day of the week.
Stock Market Outlook: SPX Closing Chart For Thu Oct 24 2024
The index closed below the Upper Bollinger Band and just above the 21 day moving average. This is bearish.
The closing candlestick has a long shadow (tail) which signals a bounce is likely for Friday.
The 21 day moving average is higher at 5785. This is bullish.
The 50 day moving average is higher at 5677. This is bullish.
The 100 day moving average is rising and closed at 5559 which is bullish.
The 200 day moving average is in an uptrend and closed at 5322 which is bullish.
The Lower Bollinger Band is just below the 50 day moving average which is bearish. The Upper Bollinger Band is turned sideways which is still bullish.
The S&P chart is more bearish than bullish for Friday but is signaling a bounce and probable higher close is anticipated.
SPX Stock Market Outlook review of Thu Oct 24 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Wed Oct 23 2024. On Thursday the down signal was confirmed at the close. The histogram is negative.
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Ultimate Oscillator: The Ultimate Oscillator is rising and positive.
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Slow Stochastic: The Slow Stochastic has a down signal in place.
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Relative Strength Index: The RSI signal is rising.
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Rate of Change: The rate of change signal is rising signaling a higher close is probable for Friday.
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Stock Market Outlook: Support and Resistance Levels |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is resistance |
| 5790 is resistance |
| 5775 is resistance |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
| 5680 is support |
| 5650 is support |
| 5625 is support |
| 5600 is support |
| 5575 is support |
| 5550 is light support |
| 5525 is support |
| 5500 is support |
Stock Market Outlook for Fri Oct 25 2024
On Thursday the Weekly Initial Unemployment Insurance Claims came in lower than anticipated at 227,000 which was below last week’s 242,000. Services PMI and Manufacturing PMI came in as expected. New home sales however were higher at 738,000, higher by 18,000. These numbers did not support the believe the Fed will not cut interest rates in November. As a result, investors were more interested in picking through those stocks that have fallen this week. For Friday we will see a bounce and a higher close to end the week, but not high enough to turn the week positive.
Potential Economic and Political Market Moving Events
Monday:
10:00 Leading economic indicators were lower than estimated at -0.5%
Tuesday:
No economic reports.
Wednesday:
10:00 Existing home sales came in at 3.84 million which met estimates
2:00 Fed Beige Book
Thursday;
8:30 Weekly Initial Unemployment Insurance Claims were below estimates at 227,000
9:45 S&P flash services PMI met estimates coming in at 55.3
9:45 S&P flash manufacturing PMI was slightly above estimates at 47.8
10:00 New home sales rose higher than expected to 738,000
Friday:
8:30 Durable goods orders are estimated to drop -1.0%
10:00 Consumer sentiment is estimated to rise slightly to 69.0