Prior Trading Day Summary
On Wed Apr 22 2026 stocks looked past the turmoil in the Strait of Hormuz and were back buying stocks pushing them higher to the close.
The SPX rose 73 points to close at 7137 but on low volume of 5 billion shares traded. Wednesday’s higher close set a new closing high for the index and turned the week positive.
The NASDAQ rose 397 points to close at 24,657 with 62% of stocks on the index rising. Volume fell to 8.4 billion but for the week the index is now up 189 points and sitting at a new high.
Let’s review the closing technical indicators from Wed Apr 22 2026, to see what they predict for Thu Apr 23 2026.
Stock Market Outlook: SPX Closing Chart For Wed Apr 22 2026
The index closed above all major moving averages but inside the Upper Bollinger Band for a third day. This is still bullish.
The closing candlestick is bullish for Thursday but also overbought with a chance for dips but higher close.
The 21 day moving average is rising sharply and closed at 6763. This is bullish
The 50 day moving average is rising and closed at 6781. This is bullish.
The 100 day moving average is rising and closed at 6778. This is bullish.
The 200 day moving average is rising and closed at 6628. This is bullish.
The Lower Bollinger Band is turning higher which signals the high momentum rally is ending. The Upper Bollinger Band is rising which is bullish. The 50 day moving average is rising but the 100 day is moving higher quickly and may cross above the 50 day. This will be a bearish sign unless the 50 day continues to climb.
The SPX chart is still bullish but still signals stocks are overbought. For Thursday the SPX chart indicates dips are likely but a higher close is anticipated.
SPX Stock Market Outlook review of Wed Apr 22 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive. This is bullish as the overbought condition begins to erode.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Apr 7 2026. On Wed Apr 22 2026 the up signal lost more strength.
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Ultimate Oscillator: The Ultimate Oscillator is falling.
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Slow Stochastic: The Slow Stochastic has a down signal in place. It is extremely overbought. It is at levels where a pullback should be expected.
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Relative Strength Index: The RSI signal is rising and bullish.
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| Rate of Change: The rate of change is rising and signaling a higher day is likely. 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. |
Stock Market Outlook: Support and Resistance Levels |
| 7150 is resistance |
| 7125 is resistance |
| 7100 is resistance |
| 7050 is resistance |
| 7000 is resistance |
| 6950 is resistance |
| 6900 is resistance |
| 6850 is resistance |
| 6830 is resistance |
| 6800 is support |
| 6780 is support |
| 6750 is support |
| 6735 is support |
| 6700 is support |
| 6675 is support |
| 6650 is support |
| 6625 is support |
| 6600 is support |
| 6585 is support |
| 6550 is support |
| 6500 is support |
Stock Market Outlook for Thu Apr 23 2026
For Thursday the technical indicators are still showing stocks are overbought. Dips are likely again today but the signals also show the index will close higher.
Potential Economic and Political Market Moving Events
Monday:
No reports scheduled
Tuesday:
8:30 Retail sales rose more than expected by 1.7% surprising analysts
10:00 Business inventories rose more than estimated to 0.4% also surprising analysts
10:00 Pending home sales jumped to 1.5%, far above estimates.
Wednesday:
No reports scheduled
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims are expected to come in at 210,000, up from last week’s 207,000
9:45 S&P flash services PMI is expected to rise to 51.0 from 49.8 prior
9:45 S&P flash manufacturing PMI is estimated at 52.5 up slightly from 52.3 prior