All three indexes ended with slight gains on Thursday. All 3 indexes also reached for new highs on Thursday and the NASDAQ and Dow Jones Indexes both made new all-time highs before pulling back. Considering the extraordinary events of the day, with former FBI Director James Comey testifying before congress, it was bullish to see stocks still manage to squeeze out gains on Thursday.
S&P Index Close
The S&P index ended the day up 0.65 points to close at 2433.79
Dow Jones Index Close
The Dow Jones ended up 8.84 points to 21,182.53
NASDAQ Index Close
The NASDAQ closed up 24.38 points to end the day at 6321.76
Stock Market Outlook
Chart Comments At The Close:
The S&P index closed the day leaving behind a neutral candlestick which often signifies weakness in the trend. However the index continues to move above the 21 day moving average which is bullish for stocks. The other 3 major indexes are all continuing to climb higher.
Stock Market Outlook: Technical Indicators:
Momentum: For momentum I use a 10 period when studying market direction. Momentum is positive but has pulled back from higher readings earlier this week.
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) issued a buy signal on May 25 2017. The buy signal was strong again on Thursday.
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 and pulling back from being overbought.
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 an up signal in place after the close today. It is also overbought.
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 is moving higher and overbought.
Fast Stochastic: For the Fast Stochastic I use the K period of 20 and D period of 5. These are not default settings, but settings I use for the 1 to 3 month S&P 500 chart when I have it set for daily views. The Fast Stochastic has an up signal in place and is overbought.
Support Levels To Be Aware Of:
The market has light support at the 2380 level, 2350, 2300 and the 2250 level. There is also light support at 2195 but better support is at 2180 and then 2150.
Stock Market Outlook for Tomorrow – Friday Jun 9 2017
For Friday the S&P continues to look positive. While the strength of the rally from last week is weaker the outlook for Friday is still for the indexes to push a bit higher. There is however, selling pressure still building as the indexes refuse to stop rising.
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