Prior Trading Day Summary:
Friday was a choppy day of trading with the SPX staying in a tight range. The close saw the index race ahead 15 points to close up 20 points and end a winning week. The index closed up 98 points on the week to 5969.
The NASDAQ closed up 31 points and for the week it was ahead 323 points to 19003.
Friday’s move higher was strong enough to improve many of the technical signals to start the final week of November.
Let reviews the closing technical signals from Fri Nov 22 2024 to see what to expect for Mon Nov 25 2024.
Stock Market Outlook: SPX Closing Chart For Fri Nov 22 2024
The index failed move higher above the 21 day moving average. This is bullish.
The closing candlestick has no shadows but does show some sectors are starting to be overbought. The outlook though is bullish.
The 21 day moving average is higher at 5882 This is bullish.
The 50 day moving average is higher at 5810. This is bullish.
The 100 day moving average is rising and closed at 5672 which is bullish.
The 200 day moving average is in an uptrend and closed at 5429 which is bullish.
The Lower Bollinger Band is below the 50 day moving average and turning up which is bullish. The Upper Bollinger Band is rising which is bullish.
The S&P chart is bullish for Monday.
SPX Stock Market Outlook review of Fri Nov 22 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and negative.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Mon Nov 18 2024. The down signal lost more strength on Friday and should issue an up signal today.
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Ultimate Oscillator: The Ultimate Oscillator is rising.
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Slow Stochastic: The Slow Stochastic has an up signal.
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Relative Strength Index: The RSI signal is rising.
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Rate of Change: The rate of change signal is rising which signals a higher close is expected for Monday.
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Stock Market Outlook: Support and Resistance Levels |
| 6025 is resistance |
| 6015 is resistance |
| 6000 is resistance |
| 5990 is resistance |
| 5970 is resistance |
| 5950 is resistance |
| 5900 is rsistance |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is support |
| 5825 is support |
| 5800 is support |
| 5790 is support |
| 5775 is support |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
Stock Market Outlook for Mon Nov 25 2024
For Monday we should see a new up signal from the MACD technical indicator by the close of the day.
The technical indicators are all pointing higher for the start of the final week of November. The primary concern is with momentum which is rising but remains negative. This shows that the rally last week was not as broad-based as we would like. More stocks need to join in the rally to move to 6000.
For Monday trading will be choppy at times but the bias is bullish. There are no economic reports to affect market direction. A higher close is expected.
Potential Economic and Political Market Moving Events
Monday:
No economic reports