Prior Trading Day Summary:
On Friday investors took profits ahead of the upcoming shortened Easter week with indexes sitting at all-time highs.
On Friday the SPX closed down just 7 points to 5234. For the week the index was up 117 points for the first week in March of positive returns.
The NASDAQ closed up 27 points to 16428. The index gained 455 points. This also was the first week of positive returns for March.
Let’s review the close on Fri Mar 22 2024 to see what to expect for Mon Mar 25 2024.
Stock Market Outlook: SPX Closing Chart For Fri Mar 22 2024
The index closed at the Upper Bollinger Band and well above the 21 day moving average. This is bullish for the index.
The closing candlestick is bullish for Monday and indicate there is a probable dip on Monday.
The 21 day moving average is moving higher which is bullish. It is at 5137 on the SPX.
The 50 day moving average is rising and at 5009, which is bullish.
The 100 and 200 day moving averages are climbing which is bullish. The 200 day is at 4646 on the SPX which is bullish.
The Bollinger Bands are still in a Bollinger Bands Squeeze. The Lower Bollinger Band is above the 50 day moving average and starting to dip back which is usually bullish coming out of the Bollinger Bands Squeeze. The Upper Bollinger Band is turning higher which signals the SPX index is in an uptrend. This is bullish.
The S&P chart is bullish for Monday with the candlestick warning of a probable dip.
SPX Stock Market Outlook review of Mar 22 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive.
|
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Thu Mar 21. On Fri Mar 22 2024 the up signal was confirmed. The histogram is positive for a second day.
|
Ultimate Oscillator: The Ultimate Oscillator is rising and positive.
|
Slow Stochastic: The Slow Stochastic has an up signal in place and is overbought.
|
Relative Strength Index: The RSI signal is falling and positive. It is leaving overbought.
|
Rate of Change: The rate of change signal is falling indicating Monday will see some dips and sideways action at times.
|
Stock Market Outlook: Support and Resistance Levels |
| 5275 is resistance |
| 5250 is resistance |
| 5225 is resistance |
| 5200 is resistance |
| 5190 is resistance |
| 5175 is resistance |
| 5150 is resistance |
| 5125 is resistance |
| 5115 is resistance |
| 5100 is support |
| 5075 is support |
| 5050 is support |
| 5025 is support |
| 5000 is light support |
| 4990 is light support |
| 4975 is light support |
| 4950 is support |
| 4925 is support |
| 4915 is support |
| 4900 is support |
Stock Market Outlook for Mon Mar 25 2024
For Monday the technical indicators are still bullish. As well on Friday the MACD technical indicator confirmed Thursday’s up signal.
The only bearish indicator is the closing candlestick which indicates a dip should be expected on Monday.
There are no economic or political market moving events which almost always favors the bulls.
Monday should see the SPX end the day higher.
Potential Economic and Political Market Moving Events
Tuesday we get durable goods orders and consumer confidence. Friday is a holiday but the PCE numbers are released at 8:30 and Fed Chair Powell speaks at 11:30.
Monday:
10:00 New home sales are estimated to be lower at 675,000