Prior Trading Day Summary:
Monday saw the index trade choppily in a sideways trend until the final hour when the SPX dipped down below 5100 but then found buyers and closed back above it at 5116.
The NASDAQ rose 55 points to close at 15983. On Tuesday morning a number of big cap stocks report including PayPal, Eli Lilly, McDonalds, 3M Company and Coca Cola which will impact the open. For the close on Tuesday Amazon.com, Advanced Micro Devices, Supermicro, Starbucks, Mondelez, Clorox and others report while on Wednesday we get Apple Stock. That means the chance Tuesday will end lower is slim while investors continue to stay bullish on these big cap stocks.
Let’s review the closing technical indicators from Mon Apr 29 2024 to see what investors should expect on Tue Apr 30 2024.
Stock Market Outlook: SPX Closing Chart For Mon Apr 29 2024
The index closed at the 50 day moving average.
The closing candlestick is signaling dips probable for Tuesday.
The 21 day moving average is falling sharply and is below the 50 day moving average. This is a major down signal.
The 50 day moving average is starting to turn lower which is bearish.
The 200 day moving average is still climbing. The 200 day is at 4750 which is bullish and the 100 day is also climbing.
The Lower Bollinger Band is now turning sideways and at the 100 day moving average.
The Upper Bollinger Band is also moving lower which is bearish.
The S&P chart is more bearish than bullish for Tuesday.
SPX Stock Market Outlook review of Mon Apr 29 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue Apr 2. On Mon Apr 29 2024 the down signal was replaced with a neutral signal.
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Ultimate Oscillator: The Ultimate Oscillator is rising. It is signaling a higher day for Tuesday.
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Slow Stochastic: The Slow Stochastic has an up signal in place.
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Relative Strength Index: The RSI signal is rising and positive.
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Rate of Change: The rate of change signal is rising signaling a higher close for Tuesday.
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Stock Market Outlook: Support and Resistance Levels |
| 5275 is resistance |
| 5250 is resistance |
| 5225 is resistance |
| 5200 is resistance |
| 5190 is resistance |
| 5175 is resistance |
| 5150 is resistance |
| 5125 is resistance |
| 5115 is resistance |
| 5100 is resistance |
| 5075 is resistance |
| 5050 is support |
| 5025 is support |
| 5000 is light support |
| 4990 is light support |
| 4975 is light support |
| 4950 is support |
Stock Market Outlook for Tue Apr 30 2024
The closing candlestick on Monday is advising we will see dips on Tuesday but still continue to hold a bullish bias. The technical indicators are mixed but most are signaling higher. The MACD technical indicator has lost the down signal and is neutral in its outlook for today.
With a number of big cap stocks reporting earnings today and Apple STock on Wednesday, the chance of a pullback today is slim to none.
Potential Economic and Political Market Moving Events
The main events this week are the Fed’s decision on interest rates on Wednesday followed by the April employment report on Friday.
Monday:
No reports of significance. This usually favors the bulls.
Tuesday:
9:00 S&P Case-Shiller home price index is expected to rise slightly to 6.7% from 6.6%
10:00 Consumer confidence is expected to dip slightly to 103.5 from 104.7.