Day’s Summary
Friday saw more selling on heavier volume.
By the close of the day the S&P was down 33 points to end the day at 4348. For the week the S&P lost 61 points.
The NASDAQ fell 138 points to at 13,492. For the week it lost 197 points
Selling at times was fairly brisk but the index is not oversold enough for a major bounce, but should see a bit of a bounce to start the week off.
Let’s review the SPX closing technical indicators from Fri Jun 23 2023 to see what to expect for Mon Jun 26 2023.
Stock Market Outlook: SPX Closing Chart For Fri Jun 23 2023
The index closed below the Upper Bollinger Band which is now bearish.
The closing candlestick is bearish but points to a potential bounce for the start of Monday.
The 21, 50 an 100 day moving averages are continuing to climb which is bullish, but the 200 day is slipping lower while the the Lower Bollinger Band is rising. This is bearish.
The S&P chart is reasonably bullish but there are further signs of weakness in the chart.
Stock Market Outlook review of Fri Jun 23 2023
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Friday May 26. The up signal was almost gone on Friday and ready to issue a down signal.
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Ultimate Oscillator: The Ultimate Oscillator is falling and negative.
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Slow Stochastic: The Slow Stochastic has a down signal in place. It is no longer overbought.
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Relative Strength Index: The RSI signal is falling and negative.
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Rate of Change: The rate of change signal is rising and positive. At this stage it is normally signaling a bounce attempt coming.
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Stock Market Outlook: Support and Resistance Levels |
| 4450 is resistance |
| 4435 is resistance |
| 4420 is resistance |
| 4400 is strong resistance |
| 4390 is resistance |
| 4370 is resistance |
| 4350 is resistance |
| 4340 is resistance |
| 4325 is resistance |
| 4310 is resistance |
| 4300 is resistance |
| 4290 is resistance |
| 4275 is support |
| 4250 is support |
| 4240 is support |
| 4225 is support |
| 4210 is support |
| 4200 is good support |
| 4190 is support |
| 4180 is support |
Stock Market Outlook for Mon Jun 26 2023
For Monday the technical indicators have all lost strength and the important MACD indicator is ready to issue a major down signal.
The Rate Of Change is signaling a strong chance of a bounce on Monday before more selling. The bounce could last just part of the morning.
All the technical indicators are showing signs of stress and advising caution. Often this many indicators signaling lower is followed by a bounce before more selling erupts.
Potential Economic and Political Market Moving Events
Monday:
No events