Prior Trading Day Summary
On Wed Nov 4 2026 stocks soared higher on the back of the mid-term elections being completed and the results being accepted by President Trump. This meant for investors that the mid-term concerns were over no matter what the results. It is more a matter of them being completed and worries about them, out-of-the-way. Markets rallied strongly with the Dow Jones climbing 1,569 points for a 3.03% rise. This was the best single day since April 2025.
The S&P closed up 119 points to end the day at 7688. Volume was 7.5 billion. 70% of volume was traded higher and 75% of stocks were rising by the close. Today was the first day in weeks where new 52 week highs finally outpaced new lows.
The NASDAQ rose 364 points ending the day at 25,736. Volume rose to 10.2 billion. 58% of all volume was being traded higher with 65% of stocks rising by the close. MOst semiconductor and many tech names were falling on Wednesday.
Let’s review the closing technical indicators from Wed Nov 4 2026 to see what they predict for Thu Nov 5 2026.
Stock Market Outlook: SPX Closing Chart For Wed Nov 4 2026
The index ended the day below the Upper Bollinger Band and the 21 and 50 day moving averages. It moved back above the 100 day moving average. This though is bearish.
The closing candlestick is indicating that Wednesday was a strong bounce but the closing candlestick is indicating weakness will be noticeable today.
The 21 day moving average is falling and closed at 7704. This is bearish.
The 50 day moving average is unchanged and closed at 7692. This is bearish.
The 100 day moving average is rising and closed at 7585. This is bullish.
The 200 day moving average is rising and closed at 7353. This is bullish.
The Lower Bollinger Band is below the 21, 50 and at the 100 day moving average. This is negative for stocks. The Upper Bollinger Band is falling which is bearish.
The SPX chart is bearish for Thu Nov 5 2026.
SPX Stock Market Outlook review of Wed Nov 4 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and negative. This is bearish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Thu Oct 15 2026. The down signal was weaker on Wed Nov 4 2026..
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Ultimate Oscillator: The Ultimate Oscillator is rising which is bullish.
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Slow Stochastic: The Slow Stochastic has an up signal in place which is bullish. It is also at oversold readings.
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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 signaling that Thursday will end higher. 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 |
| 7800 is resistance |
| 7780 is resistance |
| 7750 is resistance |
| 7700 is resistance |
| 7650 is resistance |
| 7600 is resistance |
| 7570 is support |
| 7550 is support |
| 7500 is support |
Stock Market Outlook for Thu Nov 5 2026
For Thu Nov 5 2026 the index is signaling to investors that they should expect a choppy day with dips but a chance for a higher close.
On Friday we get the October Non-Farm Payroll Numbers. Usually we can expect the index to close somewhat higher, the day ahead of those numbers.
Potential Economic and Political Market Moving Events
Monday:
9:45 Manufacturing PMI for Oct was lower than estimated, coming in at 54.9
10:00 Construction spending for Sept was much lower than estimated coming in negative at -1.5%
Tuesday:
Mid-Terms
10:00 Job openings and Labor Turnover for Sep was higher than estimated coming in at 7.5 million.
10:00 Factory orders for Sepwere much stronger than estimated, rising to 1.8%
Wednesday:
8:15 ADP National Employment report for October estimates 75,000 jobs down from 90,000 prior
8:30 Trade Balance for Sep is estimated to fall to -107.7 billion
9:45 US Services PMI for Oct is estimated almost unchanged at 58
10:00 ISM Report On Business Services PMI for Oct is estimated at 54.8 down only slightly from 54.9 prior
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims are estimated at 197,000 up from 194,000 prior