Prior Trading Day Summary:
On Friday stocks closed almost unchanged with the SPX up 8 points and the NASDAQ down 5 points.
Volume was low on both New York and the NASDAQ.
Let’s review the closing technical indicators from Fri May 10 2024 to see what to expect for Mon May 13 2024.
Stock Market Outlook: SPX Closing Chart For Fri May 10 2024
The index closed above the 21 day moving average and the 50 day and at the Upper Bollinger Band. This is bullish.
The closing candlestick however is signaling that Monday will see some selling and a potential down day.
The 21 day moving average is still below the 50 day moving average for a down signal. It is still not showing signs of moving back up. This is bearish.
The 50 day moving average is climbing which is bullish.
The 200 day moving average is still climbing. The 200 day is at 4783 which is bullish and the 100 day is also climbing.
The Lower Bollinger Band is below the 100 day moving average and starting to turn lower. This is bullish. The Upper Bollinger Band is turning higher. This is bullish.
The S&P chart is more bullish that bearish for Monday although the closing candlestick from Friday is typically seen before a down day.
SPX Stock Market Outlook review of Fri May 10 2024 – chart courtesy TradingView
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 Fri May 3. The up signal gained more strength on Fri May 10 2024.
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Ultimate Oscillator: The Ultimate Oscillator is falling and overbought.
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Slow Stochastic: The Slow Stochastic has a potential change signal in place and is overbought.
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Relative Strength Index: The RSI signal is rising and positive. It is overbought.
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Rate of Change: The rate of change signal is falling indicating Monday will be lower.
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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 support |
| 5115 is support |
| 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 |
Stock Market Outlook for Mon May 13 2024
For Monday the technical indicators are almost unchanged from Friday’s open with signals still showing the market as overbought and a chance for a down day on Monday. The outlook though is still bullish but some profit-taking should be expected.
The closing candlestick on Friday is signaling a good chance for a lower day today.
Potential Economic and Political Market Moving Events
There are a number of reports this week that will impact markets. The Producer Price Index on Tuesday and Consumer Price Index on Wednesday could move markets.
Monday:
There are no reports released today.