Friday saw oil prices try to stabilize which helped the markets but then financials moved lower despite passing the latest stress tests. Friday ended the day being mixed with slight losses on the Dow and slight gains on the S&P. The best index for the day was the NASDAQ but in general all the indexes are basically moving sideways, day after day.
S&P Index Close
The S&P index ended the day up 3.8 points to close at 2438.30
Dow Jones Index Close
The Dow Jones ended down 2.53 at 21,394.76
NASDAQ Index Close
The NASDAQ closed up 28.56 points to end the day at 6265.25
Stock Market Outlook
Chart Comments At The Close:
The S&P is still holding above the 2425 level and closed on Friday at the 21 day moving average. The closing candlestick on Friday was neutral on the outlook for Monday. The Bollinger Bands Squeeze continues to form up with no clear signal which way stocks will move once the Bollinger Bands Squeeze gets going this week. All the major moving averages are continuing higher.
S&P June 23 2017
Stock Market Outlook: Technical Indicators:
Momentum: For momentum I use a 10 period when studying market direction. Momentum is slightly positive but more neutral than either up or down.
MACD Histogram: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. MACD (Moving Averages Convergence / Divergence) has issued a sell signal on June 20. On Friday the sell signal strengthened.
Ultimate Oscillator: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months. The Ultimate Oscillator is positive, but moving lower.
Slow Stochastic: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day. The Slow Stochastic has a down or sell signal in place.
Relative Strength Index: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor. It often is the first indicator to show an overbought or oversold signal. The RSI signal was trying to rise on Friday.
Rate of Change: 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. The rate of change signal is positive but continuing to move lower.
Support Levels To Be Aware Of:
The market has light support at the 2425, 2400, 2380, 2350 and 2300 levels.
Stock Market Outlook for Tomorrow – Mon Jun 26 2017
For Monday there are no new signals from the end of last week. The outlook from the technical indicators is still biased positive but moving lower so the outlook is still sideways with a bias to the downside for stocks.
Stay FullyInformed With Email Updates
Market Direction Internal Links
Profiting From Understanding Market Direction (Articles Index)
Understanding Short-Term Signals
Market Direction Portfolio Trades (Members)
Market Direction External Links
IWM ETF Russell 2000 Fund Info
Market Direction SPY ETF 500 Fund Info