Stock Market Outlook for Thu Apr 12 2018 – Choppy and Lower

Summary:

Wednesday saw stocks weak as geopolitical events took center stage.

Markets held up surprisingly well considering all the issues but still closed down on the day.

Closing Statistics:

On April 11th (2018) the closing price for the S&P 500 was $2642.19. The index lost 14.68 points.

The closing price for the NASDAQ Composite was $7069.03. The NASDAQ lost 25.27 points.

The closing price for the Dow Jones Industrial Average was $24189.45. The index lost 218.55 points.

Support Levels To Be Aware Of:

2745 to 2750 was light support

2710 was light support.

2700 was good support.

2675 was light support.

2650 was light support and 2620 was also light support.

2600 is good support.

There is good support at the 2550 level from where the market bounced back from the recent correction on Feb 9.

The S&P has light support at 2480. It also has light support at 2450 and good support at 2425. Below that there is some support at 2400, 2380, 2350. 2300 has the most support at present but would represent a full correction as a drop to this level would be 20% and just 5% away from a potential bear market signal.

 Stock Market Outlook for Tomorrow – Thu Apr 12 2018

The close on Wednesday left behind a bearish candlestick for Thursday. However MACD confirmed an up signal today for the S&P. The Slow Stochastic is also pointing higher for today. Of the other 4 technical indicators only momentum is slightly positive while the other three indicators are pointing to a lower day for Thursday.

With poor volume on Wednesday and growing geopolitical issues, Thursday looks set to be a choppy and lower day for stocks.

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