Stock Market Outlook for Mon Oct 28 2019 – Still Higher

Volume was steady on Friday and the S&P made a new intraday high but closed slightly below it.

Stock Market Outlook Chart Comments At The Close on Thu Oct 24 2019 

The SPX chart is still bullish and was above 3000 for the entire day on Friday. The close on Friday was strong enough to leave behind a bullish candlestick for Monday.

All the major moving averages are back climbing including the 50 and 21 day moving averages.

The Upper Bollinger Band is rising which usually indicates strength to the upside.

The two buy signals from September are still in place.

Stock Market Outlook review of Fri Oct 25 2019

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is positive and moving sideways.

• Settings: For momentum I use a 10 period when studying market direction.

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Tue Oct 15 2019. The up signal was unchanged on Friday.

• Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. 

Ultimate Oscillator: The Ultimate Oscillator signal is positive and rising.

• Settings: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months.

Slow Stochastic: The Slow Stochastic has a weak up signal in place and is extremely overbought.

• Settings: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day.

Relative Strength Index: The RSI signal is rising.

• Settings: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor.  It is often the first indicator to show an overbought or oversold signal.

Rate of Change: The rate of change signal is rising indicating higher prices are expected.

• 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.

Support and Resistance Levels To Be Aware Of:

3000 is resistance

2960 is light support

2950 was light support

2900 is light support

2860 is light support

2840 is support

2800 is strong support

2795 is light support

2745 to 2750 is light support

2725 is light support

2700 is light support

2675 is light support

2650 is support

2625 is light support

2600 is support.

 Stock Market Outlook for Tomorrow – Mon Oct 28 2019 

There are no technical indicators at the close on Friday that are signaling a move lower. All  the indicators are pointing to the index as continuing in the same pattern of slowly climbing higher in a choppy fashion.

Monday should see some weakness in the morning but a dip below 3000 or even close to 3000 is not expected. A new closing high is anticipated for Monday.

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