Prior Trading Day Summary
On Wed Oct 28 2026 stocks continued their rally although market breadth was more mixed.
The SPX rose 21 points to close at 7744. Volume was 5.5 billion with 49% of all trades moving lower and 53% of all stocks falling.
The NASDAQ rose 72 points to close at 26549 on 8.3 billion shares which was up 100 million shares from Tuesday. New lows pulled back to 244. Up volume was 60% of all shares traded and 58% of all stocks were rising. The NASDAQ had a stronger day for the bulls than the SPX.
With the Fed’s decision on interest rates now out with no surprise and earnings from Microsoft and Alphabet out after the close on Wednesday, today should be an interesting day for investors.
Let’s review the closing technical indicators from Wed Oct 28 2026 to see what they predict for Thu Oct 29 2026.
Stock Market Outlook: SPX Closing Chart For Wed Oct 28 2026
The index ended the day below the Upper Bollinger Band but above the 21 day moving average. This is bullish.
The closing candlestick is bullish but there is a bottom and top shadow which is warning that today could be choppy with some swings.
The 21 day moving average is rising and closed at 7730. This is bullish.
The 50 day moving average is rising and closed at 7698. This is bullish
The 100 day moving average is rising and closed at 7582. This is bullish.
The 200 day moving average is rising and closed at 7335. This is bullish.
The Lower Bollinger Band is below the 21 and 50 day moving average and rising which is bearish for stocks. The Upper Bollinger Band is sideways which is neutral.
The SPX chart is equally bullish and bearish for Thursday. The biggest concern is the closing candlestick which signals volatility today.
SPX Stock Market Outlook review of Wed Oct 28 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 a down signal on Thu Oct 15 2026. The down signal was weaker on Wed Oct 28 2026. We could see an up signal by Friday if stocks continue to climb.
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Ultimate Oscillator: The Ultimate Oscillator is falling which is bearish.
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Slow Stochastic: The Slow Stochastic has an up signal in place which is bullish.
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Relative Strength Index: The RSI signal is rising which is 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 |
| 7850 is resistance |
| 7825 is resistance |
| 7800 is resistance |
| 7780 is resistance |
| 7750 is resistance |
| 7700 is resistance |
| 7650 is resistance |
| 7600 is support |
| 7570 is support |
| 7550 is support |
| 7500 is support |
Stock Market Outlook for Thu Oct 29 2026
Microsoft (MSFT) earnings were excellent which should assist the markets to move higher. On the other hand Alphabet (GOOGL) earnings were disappointing and concerning. The stock fell after hours and could weigh on the overallmarket. we could see both directions today, up and down as investors try to decide which direction to buy into. Another stock to watch is Fortinet Stock (FTNT) which plunged intraday and then after the close fell further by 25% as revenue and earnings failed to meet expectations. This could pull the NASDAQ and stocks lower.
We also get the latest PCE (Personal Consumption Expenditures) numbers for September. If higher, they will support the outlook that inflation is rising which will be poor for stocks, cetainly initially.
Meanwhile the Fed’s decision not to raise interest rates which surprised no one on Wednesday, might assist the rally but for Thursday the outlook is very mixed with a better chance for a lower close than a higher one.
Potential Economic and Political Market Moving Events
Monday:
No events
Tuesday:
8:30 Durable Goods for Sep were higher than estimated, coming in at 1.8%
10:00 New home sales for Sep were stronger than expected coming in at 676,000 versus 653,000 estimated. The number though was below the 684,000 new homes for August.
Wednesday:
8:30 Advance U.S. Trade Balance in Goods for Sep was lower than estimated at -$134.9 billion
8:30 Wholesale Inventories for Sep were lower than estimated coming in at 0.6%
2:00 Fed Decision on interest rates
2:30 Fed news conference
Thursday:
8:30 Advance estimate GDP is estimated at 3.1% for the third quarter
8:30 Weekly Initial Unemployment Insurance Claims for Oct 24 are estimated at 200,000
8:30 Consumer spending month over month for Sep is estimated to slip to 0.6% from 0.9% prior
8:30 Personal Consumption Expenditures Index month over month is estimated at 0.5% from 0.3% prior
8:30 PCE Price index year-over-year is estimated at 3.7% from 3.4% prior
8:30 PCE Core Price Index month over month is estimated at 0.3% from 0.7% prior
8:30 PCE Core Price Index year-over-year is estimated at 3.1% from 3.0% prior