Prior Trading Day Summary:
On Monday investors tried several times to push stocks and the indexes higher but in the end sellers stole the higher close in the last half hour of trading.
The SPX closed up just 4 points at 4643 while the NASDAQ rose just 12 points at 17370.
Let review the closing technical indicators from Mon Jul 29 2024 to see what the signals advise to expect on Tue Jul 30 2024
Stock Market Outlook: SPX Closing Chart For Mon Jul 29 2024
The index closed almost unchanged on Monday and just above the 50 day moving average but well below the Upper Bollinger Band and 21 day. This is bearish.
The closing candlestick signals the oversold condition is eroding but there is a chance for a higher close despite weakness continuing.
The 21 day moving average is turning lower which is bearish.
The 50 day moving average is slowing its climb which is bearish.
The 200 day moving average is still climbing. The 200 day is at 5054 which is bullish and the 100 day is also climbing to 5295.
The Lower Bollinger Band is below the 50 day moving average which is bearish. The Upper Bollinger Band is turning higher which signals a a higher close is likely.
The S&P chart is more bearish than bullish but is still signaling a chance for a positive close on Tuesday.
SPX Stock Market Outlook review of Mon Jul 29 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling, negative and oversold.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Thur July 18. On Mon Jul 29 2024 the down signal was still sitting at extreme oversold readings. Normally we should expect another bounce attempt.
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Ultimate Oscillator: The Ultimate Oscillator is falling and negative. It is oversold.
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Slow Stochastic: The Slow Stochastic has an up signal in place and is deeply oversold.
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Relative Strength Index: The RSI signal is rising and negative. It is oversold.
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Rate of Change: The rate of change signal is rising. It is signaling that Tuesday could end higher.
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Stock Market Outlook: Support and Resistance Levels |
| 5675 is resistance |
| 5650 is resistance |
| 5630 is resistance |
| 5600 is resistance |
| 5575 is resistance |
| 5550 is resistance |
| 5520 is resistance |
| 5500 is resistance |
| 5490 is resistance |
| 5475 is resistance |
| 5465 is support |
| 5450 is support |
| 5425 is support |
| 5400 is support |
| 5375 is support |
| 5350 is support |
| 5325 is support |
| 5310 is support |
| 5300 is support |
Stock Market Outlook for Tue Jul 30 2024
Today after the close investors get earnings from AMD, Microsoft, Starbucks (SBUX), Mondelez (MDLZ) and more. The oindex may try to move a bit higher in anticipation of better than estimated earnings. Microsoft and AMD are important to the market at this stage. An earnings miss could end the rally for now. For Tuesday though, weakness will continue but stocks have a good possibility of ending the day higher.
Potential Economic and Political Market Moving Events
Monday:
No events scheduled.
Tuesday:
9:00 Case-Shiller home price index is expected to fall to 6.8%
10:00 Consumer Confidence is estimated to fall to 99.5
10:00 Job openings are estimated unchanged at 8.1 million