Prior Trading Day Summary:
On Wed May 22 2024 NVIDIA released stellar earnings beating all estimates as well as prior earnings for the same quarter last year. The company announced a 10 to 1 stock split and strong forward guidance. After hours the stock soared.
Let review the closing technical signals from Wed May 22 2024 to see whether NVIDIA earnings are enough to propel the indexes higher on Thursday.
Stock Market Outlook: SPX Closing Chart For Wed May 22 2024
The index closed above the 21 day moving average and the 50 day and continued moving primarily sideways.
The closing candlestick is bullish.
The 21 day moving average continued climbing above the 50 day continuing the latest up signal.
The 50 day moving average is climbing which is bullish.
The 200 day moving average is still climbing. The 200 day is at 4821 which is bullish and the 100 day is also climbing to 5033.
The Lower Bollinger Band is below the 100 day moving average and rising which is bullish. The Upper Bollinger Band is turning higher. This is also bullish.
The S&P chart is bullish for Thursday.
SPX Stock Market Outlook review of Wed May 22 2024 – chart courtesy TradingView
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri May 3. The up signal lost some strength on Wed May 22 2024.
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Ultimate Oscillator: The Ultimate Oscillator is falling and not overbought.
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Slow Stochastic: The Slow Stochastic has an up signal in place and is overbought.
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Relative Strength Index: The RSI signal is falling and positive. It is no longer overbought.
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Rate of Change: The rate of change signal is falling signaling the day may end lower on Thursday.
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Stock Market Outlook: Support and Resistance Levels |
| 5310 is resistance |
| 5300 is resistance |
| 5275 is resistance |
| 5250 is resistance |
| 5225 is resistance |
| 5200 is resistance |
| 5190 is light support |
| 5175 is light support |
| 5150 is support |
| 5125 is support |
| 5115 is support |
| 5100 is support |
| 5075 is support |
| 5050 is support |
| 5025 is support |
| 5000 is light support |
Stock Market Outlook for Thu May 23 2024
For Thursday the earnings from NVIDIA Stock (NVDA) should be more than enough to push stocks higher. In particular the semiconductor sector should rise today,
Inflation concerns expressed on Wednesday in the FOMC minutes will be forgotten today.
Potential Economic and Political Market Moving Events
On Wednesday we get May’s FOMC minutes. That may end up being the most significant economic event this week.
Monday:
There are no reports released today.
Tuesday:
There are no reports released today.
Wednesday:
10:00 Existing home sales were expected to rise slightly to 4.21 million but fell to 4.14 million down from 4.22 million.
2:00 FOMC minutes for May’s meeting.
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims id estimated at 220,000
9:45 S&P flash services PMI is estimated at 51.6
9:45 S&P flash services Manufacturing is estimated at 50
10:00 New home sales are expected at 675,000 down from 693,000