Prior Trading Day Summary
On Wednesday stocks roared higher on the back of a ceasefire deal on the Iran conflict.
The SPX ended the day up 166 points to 6782. Volume was 6 billion shares with 73% of all volume being traded higher and 83% of all stocks on the S&P, rising.
The NASDAQ saw volume dip to 10.8 billion but the index climb 617 points to 22,635. 73% of all stocks on the index were rising.
Lets review the SPX closing technical indicators from Wed Apr 8 2026 to see what we should expect for Thu Apr 9 2026.
Stock Market Outlook: SPX Closing Chart For Wed Apr 8 2026
The index closed above all major moving averages. This is bullish.
The closing candlestick is bullish for Thursday but also signals overbought.
The 21 day moving average is falling and closed at 6601. This is bearish.
The 50 day moving average is falling and closed at 6768. This is bearish.
The 100 day moving average is rising and closed at 6728. This is bullish.
The 200 day moving average is falling and closed at 6589. This is bearish.
The Lower Bollinger Band is rising which is bullish. The Upper Bollinger Band is falling which is bearish. While it is too early to predict, a Bollinger Bands Squeeze may be setting up for next week.
The SPX chart is bullish and signaling the index may retake the 6900 valuation shortly.
SPX Stock Market Outlook review of Wed Apr 8 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive. This is bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Apr 7 2026. On Wed Apr 8 2026 the up signal gained more strength.
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Ultimate Oscillator: The Ultimate Oscillator is rising which is bullish. It is overbought.
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Slow Stochastic: The Slow Stochastic has an up signal which is bullish. It is overbought.
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Relative Strength Index: The RSI signal is rising which is bullish. It is overbought.
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| Rate of Change: The rate of change is rising signaling today will end higher. It is entering overbought readings. 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 |
| 6830 is resistance |
| 6800 is resistance |
| 6750 is resistance |
| 6700 is resistance |
| 6675 is resistance |
| 6650 is resistance |
| 6625 is resistance |
| 6600 is resistance |
| 6585 is resistance |
| 6550 is support |
| 6500 is support |
| 6475 is support |
| 6450 is support |
| 6400 is support |
| 6375 is support |
| 6350 is support |
| 6300 is support |
Stock Market Outlook for Thu Apr 9 2026
The technical indicators have swung back to bullish and while most are signaling overbought, there is room to the upside before the rally might end.
On Thursday we should see some of yesterday’s rally given back but dips are now opportunities again. As long as the ceasefire holds, oil should continue to decline and stocks will rally. 6900 looks very plausible for the index within the next several days.
Thursday should see dips, mostly in the morning and a higher close is still likely but even if the close is lower, the outlook has shifted back to bullish.
Potential Economic and Political Market Moving Events
Monday:
10:00 ISM services for March came in lower than estimated at 54.0%
Tuesday:
8:30 Durable goods orders for Feb were lower than estimates at -1.4%
3:00 Consumer credit for Feb rose as estimated at $10 billion.
Wednesday:
2:00 FOMC minutes are released
Thursday:
8:30 Personal income for Feb is estimated to have slipped to 0.3% from 0.4% prior
8:30 Personal spending for Feb is estimated to have risen to 0.6% from 0.4% prior
8:30 PCE Index for Feb is estimated to have risen to 0.4% from 0.3% prior
8:30 PCE year-over-year is estimated as unchanged at 2.8%
8:30 Core PCE Index for Feb is estimated unchanged at 0.4%
8:30 Core PCE year-over-year is estimated at 3.0% down from 3.1% prior
8:30 GDP for the 4th quarter is estimated unchanged at 0.7%
8:30 Weekly Initial Unemployment Insurance Claims are estimated to have risen to 210,000 from 202,000 prior
10:00 Wholesale inventories for Feb are estimated to have risen to -0.2% from -0.5%