Prior Trading Day Summary
On Friday stocks managed the end the day higher for the first time in the week. Losses by the close on Friday were 58 points for the SPX and 270 for the NASDAQ. However most important was the SPX closed at 4457, still continuing to hold 4450.
Trading volume was low on Friday with just 3.3 billion shares traded on the SPX and 4.2 billion on the NASDAQ. That makes the positive close suspect to start the second week of September.
Let’s review the SPX from Fri Sep 8 2023 to see what to expect for Mon Sep 11 2023.
Stock Market Outlook: SPX Closing Chart For Fri Sep 8 2023
The index closed below the 50 day and above the 21 day moving average. This is a neutral signal.
The closing candlestick on Friday is signaling the bullish bounce could continue Monday.
The 50, 100 and 200 day moving averages are continuing to climb which is bullish.
The Lower Bollinger Band is moving above the 100 day which is bearish. The Upper Bollinger Band is falling. This is bearish and a Bollinger Bands Squeeze is likely to start on Monday.
Stock Market Outlook review of Fri Sep 8 2023
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 Tue Aug 29 2023. On Fri Sep 8 2023 the up signal was almost gone.
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Ultimate Oscillator: The Ultimate Oscillator is rising and negative.
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Slow Stochastic: The Slow Stochastic has a down signal and dropping from being overbought.
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Relative Strength Index: The RSI signal is rising and negative.
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Rate of Change: The rate of change signal is rising and negative.
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Stock Market Outlook: Support and Resistance Levels |
| 4600 is resistance |
| 4575 is resistance |
| 4550 is resistance |
| 4525 is resistance |
| 4500 is resistance |
| 4485 is resistance |
| 4470 is resistance |
| 4450 is support |
| 4435 is support |
| 4420 is support |
| 4400 is support |
| 4390 is support |
| 4370 is support |
| 4350 is support |
Stock Market Outlook for Mon Sep 11 2023
For Monday the technical indicators are all negative and the Moving Average Convergence / Divergence has almost no up signal left. The rest of the indicators are trying to bounce. The SPX chart is also pointing to a possible bounce for a second day. Overall conditions are poor for the bulls at present but the index continues to hold the 4450 valuation. A close below 4450 will signal a move down to 4425 and then 4400 which should see some buyers step back in. A bounce on Monday that could move higher might find some interest traders. A break in oil prices would definitely help the bulls this week.
Potential Economic and Political Market Moving Events
This week the core CPI numbers on Wednesday and PPI numbers on Thursday will impact stocks.
Monday:
There are no major events