Stock Market Outlook for Tue Apr 27 2021 – Choppy But Still Higher By The Close

On Monday the S&P closed at another record high.

The SPX was up 7 points to 4187 but intraday it came within 6 points of touching 4200.

Let’s review Monday’s technical indicators to see what they can tell us about Tuesday.

Stock Market Outlook Chart Comments At The Close on Mon Apr 26 2021 

The Upper Bollinger Band is continuing to move sideways which is bearish and the Lower Bollinger Band is still moving higher above the 100 day as it is approaching the 50 day moving average, which is also bearish. If this trend continues we will see a new Bollinger Bands Squeeze this week.

The closing candlestick on Monday is bullish for Tuesday.

The 21 day moving average is climbing higher, further away from the 50 day moving average which is bullish.

The 50, 100 and 200 day moving averages are all climbing higher.

Overall the S&P chart is bullish but there are bearish signals continuing to warn investors.

Stock Market Outlook review of Mon Apr 26 2021

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is positive and back rising.

• Settings: For momentum I use a 10 period when studying market direction.

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Monday March 29 2021. On Monday the up signal was pretty much gone. Tuesday we could see a down signal.

• Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. 

Ultimate Oscillator: The Ultimate Oscillator is rising.

• Settings: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months.

Slow Stochastic: The Slow Stochastic has an up signal in place.

Settings: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day.

Relative Strength Index: The RSI signal is rising.

• Settings: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor.  It is often the first indicator to show an overbought or oversold signal.

Rate of Change: The rate of change signal is rising.

• 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.

Support and Resistance Levels To Be Aware Of:

4200 is resistance

4150 is light support

4100 is light support

4070 is very light support

4050 is light support

4000 is Support

3900 is support and the 50 day is just above this at 3933.

3850 is support

3800 is support and the 100 day is just above this level.

3750 is good support

3700 is light support

3680 is light support

3600 is strong support and the 200 day is just above this level.

 Stock Market Outlook for Tomorrow – Tue Apr 27 2021 

Most of the technical signals on Tuesday rose only slightly as the day was choppy with a tight trading range.

Tuesday should see another choppy day but with another slightly higher close. The next concern will be the signal from the Moving Average Convergence / Divergence indicator which is on the verge of a down signal. We will probably see that on Tuesday by the close.

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