Stock Market Outlook for Tue Aug 10 2021 – Sideways With Slight Bias Up

Monday saw the S&P start the second week with a sideways day and a bit of selling. The index ended the day down just 4 points to close at 4432. Intraday the index came within a point of the all-time high. It closed just 8 points below that high of 4440.

Let’s review Monday’s closing technical indicators to see what we should expect for Tuesday.

Stock Market Outlook Chart Comments At The Close on Mon Aug 9 2021 

On Monday the S&P closed almost flat from Friday and left behind a bearish candlestick for Tuesday.

More important in the chart is the change of the Lower Bollinger Band continuing to fall away from the 50 day moving average and the Upper Bollinger Band continuing to rise. This is a bullish signal for the index.

As well, all the major moving averages are still climbing which is bullish. For Tuesday only the candlestick is bearish.

Stock Market Outlook review of Mon Aug 9 2021

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is falling and positive.

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

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Mon Aug 2. On Mon Aug 9 2021 the down signal turned neutral.

• 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 and is still overbought.

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 falling.

• 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 falling.

• 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:

4450 is resistance

4400 is resistance

4370 is support

4350 is light support

4300 is light support

4290 is light support

4270 is light support

4250 is good support

4225 is light support

4200 is good support

4175 is light support

4150 is light support

4100 is good support

4070 is light support

4050 is light support

4000 is good support

3900 is support

3850 is support

3800 is support

3750 is good support

3700 is light support

3680 is light support

3600 is strong support

 Stock Market Outlook for Tomorrow – Tue Aug 10 2021 

For Tuesday the index is facing a choppy day trading primarily sideways from Monday but holding a slight bias to the upside.

The morning could see the index dip, especially near the open but most of the day the index will struggle and hold primarily a sideways outlook.

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