Stock Market Outlook for Tue Jul 13 2021 – Still Higher

Monday saw all three indexes making new highs. The Dow moved above 35,000 and closed just below it at 34,996. The S&P made another intraday and end of day new high, closing at 4384 after reaching 4386 intraday.

Let’s review Monday’s close to see what’s in store for Tuesday.

Stock Market Outlook Chart Comments At The Close on Mon Jul 12 2021 

The S&P closed at the Upper Bollinger Band in another strong day. The Lower Bollinger Band continued to fall on Friday while the Upper Bollinger Band is still rising. Both of these signals are bullish.

The closing candlestick on Monday is bullish but also signals the market remains overbought.

All the major moving averages are climbing. The chart is bullish for Tuesday but dips remain a possibility.

Stock Market Outlook review of Mon Jul 12 2021

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is rising and positive.

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

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Friday June 25. That up signal gained strength on Monday.

• 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 and signaling overbought.

• 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 signaling extremely 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 rising but not quite overbought.

• 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 unchanged.

• 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:

4400 is resistance

4370 is resistance

4350 is resistance

4300 is light support

4290 is light support

4270 is light support

4250 is light support

4225 is light support

4200 is light 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 Jul 13 2021 

For Tuesday earnings from the banks could be enough to pop markets still higher, especially if they beat estimates by a wide margin.

The outlook remains steady and bullish after the close on Monday. Tuesday then will end still higher and intraday dips are still opportunities to setup trades.

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