Prior Trading Day Summary:
On Fri Nov 1 stocks ended the day higher but gave back much of the day’s earlier rally. The SPX ended up 23 points to close at 5729. For the week the index lost 79 points.
The NASDAQ closed up 144 points to end the day at 18,240. For the week the index lost 278 points.
The first week of November is a huge week for stocks with the Nov 5 elections on Tuesday and the next FOMC interest rate decision on Thursday. In-between earnings continue to be released in another busy week.
Let’s review the technical indicators from Fri Nov 1 to see what the technical indicators are advising for the start of the first week of November.
Stock Market Outlook: SPX Closing Chart For Fri Nov 1 2024
The index closed at the Lower Bollinger Band and the 50 day moving average. This is bearish.
The closing candlestick is bearish for Monday but indicates once again there is a chance for a bounce.
The 21 day moving average is at 5801 up just 1 point. This is bearish.
The 50 day moving average is slightly higher at 5701. This is bearish as the uptrend is slowing.
The 100 day moving average is rising and closed at 5584 which is bullish.
The 200 day moving average is in an uptrend and closed at 5349 which is bullish.
The Lower Bollinger Band is below the 50 day moving average which is bearish. The Upper Bollinger Band is turned sideways which is bearish as the index slipped to the 50 day moving average.
The S&P chart is more bearish than bullish for Monday.
SPX Stock Market Outlook review of Fri Nov 1 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising slightly and negative.
|
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Wed Oct 23 2024. On Fri Nov 1 2024 the down signal gained more strength.
|
Ultimate Oscillator: The Ultimate Oscillator is rising slightly and oversold. A bounce could happen at any time.
|
Slow Stochastic: The Slow Stochastic has a down signal in place and oversold.
|
Relative Strength Index: The RSI signal is rising and is signaling oversold. A bounce could occur at any time.
|
Rate of Change: The rate of change signal is rising which signals a higher close is possible for Monday.
|
Stock Market Outlook: Support and Resistance Levels |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is resistance |
| 5790 is resistance |
| 5775 is resistance |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
| 5680 is support |
| 5650 is support |
| 5625 is support |
| 5600 is support |
Stock Market Outlook for Mon Nov 4 2024
For Monday the index may try to open higher as the closing candlestick on Friday pointed to a potential bounce. However with the elections tomorrow investors may be reluctant to take on risk until the outcome is known. That could mean light trading volume today.
For today watch for a bounce but it might not be much and it may not last the day. The close could be almost unchanged. The outlook then is a choppy sideways day.
Potential Economic and Political Market Moving Events
Monday:
10:00 Factory Orders are estimated down -0.5%