Prior Trading Day Summary:
On Friday stocks dipped lower but finally found dip buyers who had been waiting. With stocks oversold it just took a bit more of a dip down to 5837 to get buyers back into the market. By the close the index was up 93 points to end the day at 5954. Volume was strongly bullish at 6.6 billion shares traded and 69% of all volume advancing. 67% of stocks were rising by the close.
The NASDAQ saw 8.5 billion shares traded, the highest number since last Friday (Feb 21). Early in the day 409 stocks were making new 52 week lows, the highest number of new lows since October 30 2023. By the close, 61% of all stocks were rallying as the index closed up 302 points to end the day at 18,847.
Let’s review the SPX technical indicators from Fri Feb 28 2025 to see what to expect for Mon Mar 3 2025.
Stock Market Outlook: SPX Closing Chart For Fri Feb 28 2025
The index fell below the 100 day moving average but bounced to close back above it. Although the bounce itself is bullish, the index needs to move back above the 50 day moving average to regain a bullish stance.
The closing candlestick indicates Friday was a strong bounce but we will see some dips today before an eventual higher close.
The 21 day moving average is falling and closed at 6040 which is bearish.
The 50 day moving average is falling and closed at 5998 which is bearish.
The 100 day moving average is rising and closed at 5918 which is bullish.
The 200 day moving average is rising and closed at 5705 which is bullish.
The Lower Bollinger Band is falling which is bearish at present. The Upper Bollinger Band is trending higher which is bullish.
For Monday the SPX chart is still bearish but there are some encouraging signs for a higher close today.
SPX Stock Market Outlook review of Fri Feb 28 2025
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and negative.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Mon Feb 21 2025. The down signal a bit weaker on Friday.
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Ultimate Oscillator: The Ultimate Oscillator is rising from oversold.
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Slow Stochastic: The Slow Stochastic has an up signal in place from being oversold.
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Relative Strength Index: The RSI signal is rising from being oversold.
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Rate of Change: The rate of change signal is rising, signaling Monday will end higher.
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Stock Market Outlook: Support and Resistance Levels |
| 6150 is resistance |
| 6125 is resistance |
| 6100 is resistance |
| 6090 is resistance |
| 6070 is resistance |
| 6050 is resistance |
| 6025 is resistance |
| 6015 is resistance |
| 6000 is support |
| 5990 is support |
| 5970 is support |
| 5950 is support |
| 5900 is support |
| 5890 is support |
| 5875 is support |
| 5850 is support |
Stock Market Outlook for Mon Mar 3 2025
For Monday stocks are still somewhat oversold. Friday’s large bounce will see some dips today and choppy trading but the close should be higher.
Friday we get the February non-farm payroll report which could move markets up or down. Today and Tuesday investors may try to push some stocks higher but Wednesday and Thursday could see more sideways action ahead of the February jobs numbers.
Potential Economic and Political Market Moving Events
Monday:
9:45 S&P final manufacturing PMI is estimated lower at 50.1 versus 51.6 prior
10:00 Construction spending is expected to fall to 0.1% from 0.5% prior
10:00 ISM manufacturing is expected lower at 50.6% versus 50.9% prior
No fixed time: Auto sales are estimated at 15 million, down from 15.6 million prior