Prior Trading Day Summary:
Friday saw stocks continue their advance as the Producer Price Index numbers were weaker than expected. With investors still confident the Fed will continue reducing interest rates, Friday saw further advances.
The SPX ended up 35 points to 5815 but on low volume of 3.3 billion shares traded. 78% of stocks on New York were advancing on Friday. The index made another new all-time high on Friday.
The NASDAQ rose 61 points to end the day at 18,342 Volume was still respectable at 5.2 billion although that was the lowest volume of the week. 72% of all stocks were rising on Friday.
The MACD technical indicator had given an up signal on Thursday. Friday saw the up signal confirmed.
Let’s review the technical indicators from Fri Oct 11 2024 to see what they expect for the start of the third week of October.
Stock Market Outlook: SPX Closing Chart For Fri Oct 11 2024
The index reached a new all-time high on Friday of 5822 and closed at a new high of 5815.
The closing candlestick is bullish, closing at the Upper Bollinger Band.
The 21 day moving average is higher at 5716. This is bullish.
The 50 day moving average is higher at 5584. This is bullish.
The 100 day moving average is rising and closed at 5504 which is bullish.
The 200 day moving average is in an uptrend and closed at 5274 which is bullish.
The Lower Bollinger Band is above the 50 day moving average and climbing. The Upper Bollinger Band is turning sideways. A Bollinger Bands Squeeze is underway and at present stocks look to move higher out of the latest squeeze.
The S&P chart is bullish for Monday.
SPX Stock Market Outlook review of Fri Oct 11 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Thu Oct 10 2024. On Friday the up signal was confirmed.
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Ultimate Oscillator: The Ultimate Oscillator is unchanged but positive.
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Slow Stochastic: The Slow Stochastic has an up signal in place and is near overbought readings.
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Relative Strength Index: The RSI signal is rising and nearing overbought readings.
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Rate of Change: The rate of change signal is falling which signals we could see some weakness or a lower close on Monday.
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Stock Market Outlook: Support and Resistance Levels |
| 5815 is resistance |
| 5800 is resistance |
| 5790 is resistance |
| 5775 is resistance |
| 5765 is resistance |
| 5750 is resistance |
| 5740 is resistance |
| 5715 is resistance |
| 5700 is resistance |
| 5680 is resistance |
| 5650 is support |
| 5625 is support |
| 5600 is support |
| 5575 is support |
| 5550 is light support |
| 5525 is support |
| 5500 is support |
Stock Market Outlook for Mon Oct 14 2024
For Monday the technical indicators are primarily showing strength to the upside. The MACD technical indicator confirmed Thursday’s up signal on Friday.
For the start of the week, the outlook is bullish despite the market continuing to show signs of being overbought. With earnings getting further underway this week and many major companies reporting, many stocks are also positioned to move higher.
Today is Columbus Day which means bond markets are closed. Normally this is bullish for stocks although lower trading volume is expected.
Potential Economic and Political Market Moving Events
Monday:
No reports