Prior Trading Day Summary
On Friday the April Non-Farm Payroll Numbers came in much stronger than estimated which helped the indexes to close at record highs once again.
The S&P rose 61 points to close at 7399. Volume slipped to 5.4 billion with 56% of stocks rising by the close. For the week the S&P added 168 points, the best gain since the second week of April.
The NASDAQ rose 440 points to close at 26,247. Volume was the best for the week at 9.9 billion. 69% of all stocks were advancing by the close. For the week the NASDAQ gained 1132 points, also the best since the second week of April.
With further earnings reports all week and a summit with China on Thursday, the week promises to be volatile.
Let’s review the closing technical indicators from Fri May 8 2026 to see what they predict for the start of the week.
Stock Market Outlook: SPX Closing Chart For Fri May 8 2026
The index closed above all major moving averages and at the Upper Bollinger Band. This is bullish.
The closing candlestick is bullish for Monday although it is signaling overbought.
The 21 day moving average is rising sharply and closed at 7137. This is bullish.
The 50 day moving average is rising and closed at 6863. This is bullish but below the 100 day moving average.
The 100 day moving average is rising and closed at 6875. Each day that the 100 day is above the 50 day is a sign of underlying weakness to the uptrend.
The 200 day moving average is rising and closed at 6696. This is bullish.
The Lower Bollinger Band is turning higher and has moved to the 200 day moving average. This is bearish. The Upper Bollinger Band is moving higher which is bullish.
The SPX chart is more bullish than bearish for Monday despite being overbought.
SPX Stock Market Outlook review of Fri May 8 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising. This is bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Apr 7 2026. On Fri May 8 2026 the up signal gained strength which is bullish.
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Ultimate Oscillator: The Ultimate Oscillator is rising which is bullish.
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Slow Stochastic: The Slow Stochastic has an up signal in place. It is extremely overbought. It is at levels where a pullback should be expected.
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Relative Strength Index: The RSI signal is rising and is at overbought readings.
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| Rate of Change: The rate of change is rising and signaling a higher close is likely. 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 |
| 7400 is resistance |
| 7370 is resistance |
| 7350 is resistance |
| 7280 is resistance |
| 7250 is resistance |
| 7230 is resistance |
| 7200 is resistance |
| 7190 is resistance |
| 7175 is resistance |
| 7150 is resistance |
| 7125 is resistance |
| 7100 is support |
| 7050 is support |
| 7000 is support |
| 6950 is support |
| 6900 is support |
| 6875 is support |
| 6850 is support |
| 6800 is support |
Stock Market Outlook for Mon May 11 2026
For Mon May 11 2026 dips are likely after Friday’s new closing high. Dips though are opportunities to setup trades as the index is still positioned to move higher to start off the week.
Potential Economic and Political Market Moving Events
Monday:
10:00 Existing home sales for April are estimated to have risen to 4.1 million from 4.0 million prior