Prior Trading Day Summary
On Wed Sep 2 2026 stocks attempted a bounce with NVIDIA Stock (NVDA) and the Russell 2000 leading many stocks higher.
The SPX rose 35 points to close at 7666 on volume of 4.7 billion. By the close 61% of stocks were rising.
The NASDAQ rose 118 points to end the day at 26217. Volume was 7.5 billion with 64% of all stocks rising into the close.
Let’s review the SPX closing technical indicators from Wed Sep 2 2026 to see what they predict for Thu Sep 3 2026.
Stock Market Outlook: SPX Closing Chart For Wed Sep 2 2026
The index ended the day below the Upper Bollinger Band and below the 21 day moving average. It closed just above the Lower Bollinger Band. This is bearish.
The closing candlestick is bearish for Thursday with indicators that the move higher on Tuesday was just a bounce.
The 21 day moving average is falling and closed at 7709. This is bearish.
The 50 day moving average is rising and closed at 7576. This is bullish.
The 100 day moving average is rising and closed at 7433. This is bullish.
The 200 day moving average is unchanged and closed at 7169. This is neutral.
The Lower Bollinger Band is above the 100 day moving average and the 50 day moving average which is bearish. The Upper Bollinger Band is falling which is bearish. Signals are advising stocks are in a Bollinger Bands Squeeze and set to fall lower.
The SPX chart is more bearish than bullish.
SPX Stock Market Outlook review of Wed Sep 2 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 an down signal on Thu Aug 20 2026. On Wed Sep 2 2026 the down signal gained strength.
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Ultimate Oscillator: The Ultimate Oscillator is rising but bearish.
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Slow Stochastic: The Slow Stochastic has a down signal in place which is bearish.
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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 falling and signaling that Thursday will end lower. 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 |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is support |
| 7450 is support |
| 7425 is support |
| 7400 is support |
Stock Market Outlook for Thu Sep 3 2026
For Thursday the technical indicators are a bit more mixed after Wednesday’s rally. Overall though the signals are still more bearish than bullish. On Wednesday the Fed’s Beige Book brought nothing new. It as a non-event. Today I am not expecting large swings as investors prepare for Friday’s August Non-Farm Payroll Numbers. I anticipate a flat to slightly higher close but so far, Wednesday’s rally looks like just a bounce.
Potential Economic and Political Market Moving Events
Monday:
No reports
Tuesday:
9:45 Manufacturing PMI for Aug was unchanged at 53.9
10:00 ISM Report on Business Manufacturing PMI fell more than estimated to 54.6
10: Construction spending for July was lower than estimated at -0.5%
10:00 Job openings and Labor turnover for July came in as estimated at 7.3 million
Wednesday:
8:15 ADP National Employment Report for August fell more than estimated to 38,000
10:00 Factory orders for July were higher than estimated at 0.9%
2:00 Fed Beige Book
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims is estimated at 205,000
9:45 US Services PMI for August is estimated at 56.2
10:00 ISM Report on Business Services PMI is estimated unchanged at 54.1
Friday:
8:30 1August Non-Farm Payroll Numbers are expected to rise to 53,000
8:30 Unemployment rate is estimated at 4.1%
8:30 Average Hourly Earnings month to month are estimated at 0.3%
8:30 Average hourly earnings year to year is estimated at 3%