Prior Trading Day Summary:
On Wednesday the plunge of McDonalds Stock (MCD) didn’t help the market out. As treasury yields continued to rise, stocks sold lower with good volume. The SPX reached the 21 day moving average before moving above it into the close.
The SPX ended the day down 54 points to 5797 on 3.6 billion shares traded. 66% of al volume was being traded lower and by the close, 72% of al lstocks were falling.
The NASDAQ fell 296 to end the day at 18,276 on 6.5 billion shares traded. 70% of all stocks on the NASDAQ were falling by the close.
The Fed’s Beige Book On Wednesday provided no surprises. McDonalds Stock (MCD) closed down 16 points to $298.57 for a loss of 5.1%. After hours Tesla Stock (TSLA) moved higher as the company reported quarterly earnings that beat estimates.
Let’s review the technical indicators from Wed Oct 23 2024 to see what they predict for Thu Oct 24 2024.
Stock Market Outlook: SPX Closing Chart For Wed Oct 23 2024
The index closed further below the Upper Bollinger Band and just above the 21 day moving average. This is bearish.
The closing candlestick has shadows at the bottom which signals Wednesday left the index oversold and a bounce should be expected on Thursday.
The 21 day moving average is higher at 5780. This is bullish.
The 50 day moving average is higher at 5670. This is bullish.
The 100 day moving average is rising and closed at 5554 which is bullish.
The 200 day moving average is in an uptrend and closed at 5317 which is bullish.
The Lower Bollinger Band is just below the 50 day moving average which is bearish. The Upper Bollinger Band is moving higher which is bullish.
The S&P chart is more bearish than bullish for Thursday but is signaling a bounce intraday should be expected.
SPX Stock Market Outlook review of Wed Oct 23 2024
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 Thu Oct 10 2024. On Wednesday a new unconfirmed down signal was issued. The histogram is negative.
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Ultimate Oscillator: The Ultimate Oscillator is falling and positive.
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Slow Stochastic: The Slow Stochastic has a down signal in place.
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Relative Strength Index: The RSI signal is falling.
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Rate of Change: The rate of change signal is falling signaling a lower close is probable for Thursday.
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Stock Market Outlook: Support and Resistance Levels |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is resistance |
| 5790 is resistance |
| 5775 is resistance |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
| 5680 is support |
| 5650 is support |
| 5625 is support |
| 5600 is support |
| 5575 is support |
| 5550 is light support |
| 5525 is support |
| 5500 is support |
Stock Market Outlook for Thu Oct 24 2024
For Thursday the Moving Average Convergence / Divergence technical tool (MACD) issued an unconfirmed down signal. A number of other indicators are also falling and pointing lower. This should be confirmed on Thursday although the closing candlestick is signaling a bounce should be expected intraday, probably in the morning.
Also on Thursday investors get the latest Weekly Initial Unemployment Insurance Claims which are expected to rise slightly to 245,000. As will the latest services PMI and manufacturing PMI are released. Any of these could keep the index weak on Thursday.
For Thursday expect a bounce in the morning which could be helped by Tesla Stock (TSLA) earnings. The chance a bounce on Thursday will end the selling is slim. We will probably see a lower close on Thursday but a higher close on Friday.
Potential Economic and Political Market Moving Events
Monday:
10:00 Leading economic indicators were lower than estimated at -0.5%
Tuesday:
No economic reports.
Wednesday:
10:00 Existing home sales came in at 3.84 million which met estimates
2:00 Fed Beige Book
Thursday;
8:30 Weekly Initial Unemployment Insurance Claims are estimated to rise to 245,000 from 241,000 prior
9:45 S&P flash services PMI is estimated to rise slightly to 55.3
9:45 S&P flash manufacturing PMI is estimated to rise slightly to 47.5
10:00 New home sales are expected to climb 4,000 to 720,000