Prior Trading Day Summary
On Thursday the PPI numbers were higher than estimated but investors bought into stocks anyway. With the ARM IPO hotly traded on Thursday, the SPX ended the day above 4500, up 37.66 at 4505.
The NASDAQ rose 112 points, ending the day at 13,926.
Let’s review the SPX technical indicators from Thu Sep 14 2023 to see what to expect for Fri Sep 15 2023.
Stock Market Outlook: SPX Closing Chart For Thu Sep 14 2023
The index closed above the 50 and 21 day moving averages. This is the first close above the 50 day in 6 days.
The closing candlestick on Thursday is bullish.
The 50, 100 and 200 day moving averages are continuing to climb which is bullish. The 21 day moving average is continuing to fall which is bearish.
The Lower Bollinger Band is falling which is bullish. The Upper Bollinger Band is is rising which is also bullish. The Bollinger Bands Squeeze is indicating we could see stocks move higher next week.
Stock Market Outlook: Technical Indicators Review
|Momentum: Momentum is rising and negative.|
|MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Tue Aug 29 2023. On Thu Sep 14 2023 the up signal was stronger.|
|Ultimate Oscillator: The Ultimate Oscillator is rising and positive.|
|Slow Stochastic: The Slow Stochastic has an up signal in place and is positive.|
|Relative Strength Index: The RSI signal is rising and positive.|
|Rate of Change: The rate of change signal is rising and positive.|
Stock Market Outlook: Support and Resistance Levels
|4600 is resistance|
|4575 is resistance|
|4550 is resistance|
|4525 is resistance|
|4500 is resistance|
|4485 is resistance|
|4470 is resistance|
|4450 is support|
|4435 is support|
|4420 is support|
|4400 is support|
|4390 is support|
|4370 is support|
|4350 is support|
Stock Market Outlook for Fri Sep 15 2023
For Friday, the technical indicators are carrying a more bullish stance. The outlook is for the index to rise into the close and into the weekend.
For Friday, watch for a choppy day with a few dips, but with a higher close.
Potential Economic and Political Market Moving Events
This week the core CPI numbers on Wednesday and PPI numbers on Thursday were the most important economic reports.
8:30 Empire State Manufacturing Survey
9:15 Industrial Production is expect to rise just 0.2%
9:15 Capacity utilization is expected to be 79.3%, unchanged from last month.
10:00 Consumer sentiment is expect to be 69.2