Stock Market Outlook for Fri Sep 15 2023 – Choppy – Dips Likely – But Still Up

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 review of Thu Sep 14 2023

Stock Market Outlook: Technical Indicators Review

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.

Friday:

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