Prior Trading Day Summary
On Mon Jul 6 2026 stocks started the day with a bounce and built momentum on light volume of 5.1 billion.
The SPX closed up 54 points to 7537. 51% of trading volume was rising along with 56% of stocks.
The NASDAQ rose 288 points to close at 26,121 on light volume of 8.1 billion shares. 59% of volume was advancing on Monday and 57% of all stocks on the NASDAQ were higher by the close.
Let’s review the closing technical indicators from Mon Jul 6 2026 to see what they predict for Tue Jul 7 2026.
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Stock Market Outlook: SPX Closing Chart For Mon Jul 6 2026
The index ended the day higher above 21 day moving average. This is bullish.
The closing candlestick is bullish for Tuesday.
The 21 day moving average is falling and closed at 7437. This is bearish but the decline is slowing dramatically.
The 50 day moving average is rising and closed at 7402. This is bullish.
The 100 day moving average is rising and closed at 7185. This is bullish.
The 200 day moving average is rising and closed at 6941. This is bullish.
The Lower Bollinger Band is rising. The Upper Bollinger Band is falling as the SPX is into a Bollinger Bands Squeeze. The outlook is now for stocks to move higher and end the Bollinger Bands Squeeze.
The SPX chart is more bullish than bearish for Tue Jul 7 2026.
SPX Stock Market Outlook review of Mon Jul 6 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum isrising and positive. This is bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue May 19 2026. On Mon Jul 6 2026 a new unconfirmed up signal was issued.
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Ultimate Oscillator: The Ultimate Oscillator is rising which is bullish.
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Slow Stochastic: The Slow Stochastic has an up signal in place. It is bullish.
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Relative Strength Index: The RSI signal is rising which is bullish.
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| Rate of Change: The rate of change is rising, signaling Tuesday will end higher. 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. |
Stock Market Outlook: Support and Resistance Levels |
| 7600 is resistance |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is resistance |
| 7450 is resistance |
| 7425 is resistance |
| 7400 is resistance |
| 7370 is resistance |
| 7350 is support |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is good support |
| 7050 is good support |
| 7000 is stronger support |
Stock Market Outlook for Tue Jul 7 2026
For Tue Jul 7 2026 the SPX is positioned to move higher. A new unconfirmed up signal was generated by the MACD technical indicator. This is the first up signal since May 19 for the Moving Average Convergence / Divergence technical indicator. This indicator is among the more reliable to use. If the SPX ends higher on Tuesday, the up signal from Monday will be confirmed.
Tomorrow we get the latest Fed minutes (FOMC) and while we could see some dips or spikes, I expect within a day the minutes will be forgotten and markets will move higher.
Friday we get earnings from Delta (among others) which will give a boost to stocks if earnings are stronger than estimated. Next week we get bank earnings which will signal the start of the next quarterly earnings. Bank stocks are set to move higher after earnings are released as long as earnings easily beat estimates, which is expected to be the case.
Potential Economic and Political Market Moving Events
Monday:
9:45 PMI Services was higher than estimated, coming in at 51.2
10:45 ISM Business Services PMI for June was slightly less than estimated coming in at 54
11:00 Global services PMI for June was higher than estimated, coming in at 51.7
Tuesday:
No reports are expected