Prior Trading Day Summary
On Wednesday the SPX closed slightly lower while the NASDAQ closed higher ending the day with a mixed outlook.
The SPX fell 3 points to close at 7135 on 5.2 billion shares traded. Just 37% of all stocks were still rising by the close.
The NASDAQ rose just 9 points to close at 24,673 with only 29%% of stocks on the index rising. Volume rose to 8.4 billion.
With earnings from the biggest of stocks released on Wednesday after the close, investors appear ready to sell or lighten up on some positions.
Let’s review the closing technical indicators from Wed Apr 29 2026, to see what they predict for Thu Apr 30 2026.
Stock Market Outlook: SPX Closing Chart For Wed Apr 29 2026
The index closed above all major moving averages but inside the Upper Bollinger Band for an eighth day. The index is moving sideways which is neutral in direction.
The closing candlestick is bearish for Thursday. The index closed just a handful of points below the high.
The 21 day moving average is rising sharply and closed at 6924. This is bullish and places the 21 day further above the 50 and 100 day moving averages.
The 50 day moving average is rising and closed at 6808. This is bullish but below the 100 day moving average.
The 100 day moving average is rising and closed at 6813. This is bullish but we need to see the 50 day move above the 100 day this week..
The 200 day moving average is rising and closed at 6653. This is bullish.
The Lower Bollinger Band is turning higher. The Upper Bollinger Band is turning down. This is bearish.
The SPX chart is more bullish than bearish for Thursday with some signs the index will close lower.
SPX Stock Market Outlook review of Wed Apr 29 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling. This is bearish despite still being positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Apr 7 2026. On Wed Apr 29 2026 the up signal lost more strength. You can clearly see in the chart above that the MACD indicator is pulling back.
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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 falling which is bearish.
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| Rate of Change: The rate of change is rising and signaling a higher close 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 |
| 7190 is resistance |
| 7175 is resistance |
| 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 |
Stock Market Outlook for Thu Apr 30 2026
On Wednesday Fed Chair Powell indicated in his news conference that interest rates were not changing. He is expecting to be completing his tenure as Fed Chair shortly. The outlook from the Fed was unchanged on Wednesday with no decline in interest rates.
For Thursday with many big cap stocks having reported earnings, the outlook is for the SPX to end the day lower.
Potential Economic and Political Market Moving Events
Monday:
No reports are released
Tuesday:
9:00 Case-Shillier home price index is fell more than estimated to 0.9%
10:00 Consumer confidence was stronger than estimated, rising to 92.8 for April
Wednesday:
8:30 Durable goods orders for March were higher than estimated, coming in at 0.8%
8:30 Housing starts delayed from Feb came in as estimated at 1.36 million
8:30 Building permits delayed from March were higher than estimated as they came in at 1.54 million
8:30 House starts for March were higher than estimated coming in at 1.36 million
8:30 Building permits for March came in below estimates at 1.37 million
2:00 FOMC interest rate decision is expected to be a non-event with no change
2:30 Fed Chair Powell news conference may be his last as Fed chair