Day’s Summary
On Monday stocks continued to push slightly higher ending up 6 points. Intraday the S&P reached 4594 before closing at 4588.
The NASDAQ rose 29 points, closing at 14346.
Let’s review the technical indicators from the close on Friday to see if the MACD sell signal might get confirmed.
Stock Market Outlook: SPX Closing Chart For Mon Jul 31 2023
The index closed slightly higher and below the Upper Bollinger Band. It is still rallying above all major moving averages which is bullish.
The closing candlestick on Monday was neutral to mixed but still keeping a slightly bullish bias.
The 21, 50, 100 and 200 day moving averages are continuing to climb which is bullish.
The Lower Bollinger Band continued above the 50 day moving average which is bearish. The Upper Bollinger Band is still rising which is bullish.
Overall the index is still bullish but showing continued signs of being overbought.
Stock Market Outlook review of Mon Jul 31 2023
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 Thursday Jul 13. On Thursday Jul 27 a new unconfirmed down signal was generated. It was not confirmed on Monday.
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Ultimate Oscillator: The Ultimate Oscillator is unchanged and positive.
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Slow Stochastic: The Slow Stochastic has a down signal in place. It is overbought.
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Relative Strength Index: The RSI signal is rising and back into overbought readings.
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Rate of Change: The rate of change signal is falling.
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Stock Market Outlook: Support and Resistance Levels |
| 4600 is resistance |
| 4575 is resistance |
| 4550 is resistance |
| 4525 is resistance |
| 4500 is resistance |
| 4485 is resistance |
| 4470 is resistance |
| 4450 is support |
| 4435 is support |
| 4420 is support |
| 4400 is support |
| 4390 is support |
| 4370 is support |
| 4350 is support |
| 4340 is support |
| 4325 is support |
| 4310 is support |
| 4300 is support |
| 4290 is support |
| 4275 is support |
| 4250 is support |
| 4240 is support |
| 4225 is support |
| 4210 is support |
| 4200 is good support |
Stock Market Outlook for Tue Aug 1 2023
For Tuesday the S&P technical indicators are mixed but the MACD down signal remains unconfirmed as of Monday’s close.
The outlook remains higher for the S&P even if only a few points by the close.
Potential Economic and Political Market Moving Events
Tuesday:
9:45 Final US manufacturing PMI
10:00 Job openings
10:00 ISM manufacturing
10:00 Construction spending