Prior Trading Day Summary
On Thu Oct 8 2026 stock indexes were lower as crude oil prices surged but also as Open AI annual earnings were reported by the Financial Times to be lower by $20 billion than estimates. This caused a sell-off in AI and semiconductor stocks. Losses were heavier on Thursday than on Wednesday but again there was no real panic.
The SPX ended the day down 36 points to close at 7765. Despite the down day, volume rose to 6.2 billion with 63% of all volume trading higher. New 52 week lows fell to 267 and new 52 week highs rose to just 35 but 61% of all stocks on the index were rising. For the week the SPX is still positive by 42 points.
The NASDAQ ended the day lower losing 345 points to 27, 193 on 9.1 billion shares traded. This was a jump of 1.6 billion shares as investors took advantage of many AI and semiconductor stocks declining to pick them up at a discount. New lows rose to 441 and 54% of all s stocks were falling but the volume pointed to investor confidence.
Let’s review the closing technical indicators from Thu Oct 8 2026 to see what they predict for Fri Oct 9 2026.
Stock Market Outlook: SPX Closing Chart For Thu Oct 8 2026
The index ended the day below the Upper Bollinger Band but above the 21 day moving average for a fourth straight day. This is bullish.
The closing candlestick is bearish with shadow top and bottom indicating a choppy day is expected.
The 21 day moving average is rising and closed at 7692. This is bullish.
The 50 day moving average is rising and closed at 7689. This is bullish.
The 100 day moving average is rising and closed at 7537. This is bullish.
The 200 day moving average is rising and closed at 7277. This is bullish.
The Lower Bollinger Band is below the 50 day moving average but turning sideways which is neutral. The Upper Bollinger Band is rising which is also bullish.
The SPX chart is more bullish that bearish and is signaling the rally will see dips again today.
SPX Stock Market Outlook review of Thu Oct 8 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive. This is bullish.
|
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on MonOct 5 2026. The up signal was weaker on Thu Oct 8 2026.
|
Ultimate Oscillator: The Ultimate Oscillator is falling. This is bearish.
|
Slow Stochastic: The Slow Stochastic has a down signal in place and is overbought. This is bearish.
|
Relative Strength Index: The RSI signal is falling. This is bearish. It is overbought.
|
| Rate of Change: The rate of change is rising, signaling that 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 |
| 7850 is resistance |
| 7825 is resistance |
| 7800 is resistance |
| 7780 is resistance |
| 7750 is resistance |
| 7700 is resistance |
| 7650 is resistance |
| 7600 is support |
| 7570 is support |
| 7550 is support |
| 7500 is support |
Stock Market Outlook for Fri Oct 9 2026
To start the day on Friday we get earnings from Delta Air Lines Stock (DAL) which are estimated to miss on revenue and earnings. This could help setup the index for a weak day with selling expected.
If Delta Air Lines Stock (DAL) moves higher however and beats estimates, we could see investor confidence stabilize and more buying of stocks that sold lower yesterday, take place.
Overall the earnings from OpenAI I believe are not of a present concern. The more important numbers will be from companies like NVIDIA (NVDA) who doesn’t report earnings until Nov 17.
Next week is all about bank earnings. For that reason I am expecting further weakness today but not heavy selling as investors prepare for the start of earnings next week.
Potential Economic and Political Market Moving Events
Monday:
10:00 ISM Report on business services PMI for Sep was higher than estimated coming in at 58.8
Tuesday:
8:30 Trade Balance for Aug was worse than estimated coming in at -105.6 billion
Wednesday:
2:00 FOMC latest minutes showed an interest rate is likely this fall
3:00 Consumer credit was better than estimated coming in at 8.3 billion
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims for Oct 3 came in at 197,000
10:00 Monthly Wholesale Trade for Aug rose higher than estimated at 1.8%
Friday:
No reports on consequence expected