Prior Trading Day Summary:
On Monday stocks regained their footings and buyers returned after Friday’s down day. Trading was reasonably strong and the SPX stayed in a tight trading range with a low around 6047 and high of 6071. The index closed at 6066 on 4.5 billion shares traded. There were 78 new 52 week highs and 62 new lows. 59% of all stocks were rising on Monday. The close was a gain of 40 points, almost wiping out Friday’s loss of 57 points.
The NASDAQ saw a 1.8 billion jump in volume to 9.8 billion as many investors moved back into tech stocks, particularly semiconductor stocks, once again. The NASDAQ had 166 new 52 week highs but saw 187 new 52 week lows. However 74% of all volume traded was advancing and 54% of all stocks were rising by the close. The Index added 190 points to close at 19714, but it did not wipe out Friday’s loss of 268 points.
Let’s review the technical indicators at the close on Mon Feb 10 2025 to see what to expect for Tue Feb 11 2025.
Stock Market Outlook: SPX Closing Chart For Mon Feb 10 2025
The index closed above the 50 and 21 day moving averages but still lower than Thursday last week. This is bearish.
The closing candlestick is bullish for Tuesday but has a short shadow which signals that dips may be slight on Tuesday.
The 21 day moving average is continuing to move above the 50 day moving average which is a major up signal.
The 21 day moving average is rising and closed at 6011 which is bullish.
The 50 day moving average is rising and closed at 6002 which is bullish.
The 100 day moving average is rising and closed at 5884 which is bullish.
The 200 day moving average is rising and closed at 5660 which is bullish.
The Lower Bollinger Band is rising which is bullish. The Upper Bollinger Band is rising which is bullish.
For Tuesday the SPX chart is more bullish than bearish. The day should close higher but dips are expected.
SPX Stock Market Outlook review of Mon Feb 10 2025
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Jan 17 2025. The up signal is rising and gained some strength. If the SPX ends flat to lower on Tuesday could cause an unconfirmed down signal.
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Ultimate Oscillator: The Ultimate Oscillator is rising..
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Slow Stochastic: The Slow Stochastic has a down signal in place.
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Relative Strength Index: The RSI signal is rising.
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Rate of Change: The rate of change signal is rising and signaling Tuesday will end higher.
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Stock Market Outlook: Support and Resistance Levels |
| 6125 is resistance |
| 6100 is strong resistance |
| 6090 is resistance |
| 6070 is resistance |
| 6050 is resistance |
| 6025 is resistance |
| 6015 is resistance |
| 6000 is resistance |
| 5990 is resistance |
| 5970 is support |
| 5950 is support |
| 5900 is support |
| 5890 is support |
| 5875 is support |
| 5850 is support |
| 5830 is support |
| 5800 is support |
Stock Market Outlook for Tue Feb 11 2025
For Tuesday there are some signs that a few dips will occur but the technical indicators are moving back to up signals. Only the Slow Stochastic has a down signal.
On Tuesday the SPX will close higher. About the only stumbling block for today might be strongly hawkish comments from Fed Chair Powell as he testifies to Congress. However this is not expected and markets will close higher.
Potential Economic and Political Market Moving Events
Monday:
No events
Tuesday:
10:00 Fed Chair Powell testifies to Congress