Prior Trading Day Summary
On Friday stocks moved higher with the SPX reaching 7599 before slipping into the close to end the day up 16 points at 7580. Volume jumped to 8.2 billion, the highest since March 10. For the week the index was up 106 points marking 7 straight positive days.
The NASDAQ also made a new all-time high on Friday, reaching 27094 before closing at 26972, up 55 points on the day. For the week the NASDAQ added 628 points marking 7 straight positive trading days. Volume was 12.4 billion on Friday with 58% of the volume being traded higher intraday but just 46% of stocks rising by the close. The indexes are once again overbought.
The first week of June has a variety of important events including the non-farm payroll report for May, which comes out Friday June 5.
Let’s review the closing technical indicators from Fri May 29 2026 to see what they predict for Mon Jun 1 2026.
Stock Market Outlook: SPX Closing Chart For Fri May 29 2026
The index closed above all major moving averages and reached the Upper Bollinger Band intraday. This is bullish.
The closing candlestick is bullish for Friday. There are shadows though which indicate dips are likely to start the month of June.
The 21 day moving average is rising and closed at 7402. This is bullish.
The 50 day moving average is rising and closed at 7058. This is bullish.
The 100 day moving average is rising and closed at 7019. Thit is bullish.
The 200 day moving average is rising and closed at 6797. This is bullish.
The Lower Bollinger Band is climbing which is bullish at present. The Upper Bollinger Band is climbing which is bullish.
The SPX chart is more bullish than bearish for the start of June.
SPX Stock Market Outlook review of Fri May 29 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling but still bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue May 19 2026. On Fri May 29 2026 the down signal lwas almost gone.
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Ultimate Oscillator: The Ultimate Oscillator is falling which is bearish.
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Slow Stochastic: The Slow Stochastic has an up signal in place.
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Relative Strength Index: The RSI signal is rising which is bullish.
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| Rate of Change: The rate of change is rising signaling today 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 |
| 7600 is resistance |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is resistance |
| 7450 is resistance |
| 7425 is resistance |
| 7400 is resistance |
| 7370 is resistance |
| 7350 is resistance |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is support |
| 7050 is support |
| 7000 is support |
Stock Market Outlook for Mon Jun 1 2026
For Monday the outlook is for some dips which might end up being deeper than expected. However the technical indicators are still showing stocks, while overbought, have more upside. News on the weekend from NVIDIA (NVDA) moving into PCs with the RTX Spark Chip could be enough to give stocks a push, at least at the open. However oil jumped 2% on the weekend and there is still no solid word on the Iran conflict ending.
Stocks are starting the month of June at all-time highs and many stocks, in particular tech stocks are overbought. June could end up being a choppy month with many analysts expecting a correction to start sometime in the month. That prediction seems to be based solely on stocks being overbought and the indexes at what some believe are lofty levels.
Friday we get the May Non-Farm Payroll Numbers which are often a mover of the markets. For Monday though expect a possible higher open but then some weakness and a flat to slightly lower close.
Potential Economic and Political Market Moving Events
Monday:
9:45 S&P final manufacturing PMI is estimated unchanged at 55.3
10:00 ISM manufacturing is estimated to rise to 53.2% from 52.7% prior
10:00 Construction spending for April is estimated to slip to 0.3% from 0.6% prior
Intraday we should get auto sales for May which are estimated at around 16 million