Stock Market Outlook for Tue Jun 11 2024 – Choppy, Dip Possible But Still Up

Prior Trading Day Summary:

On Monday stocks opened lower at 5331 but immediately found buyers. The ensuing rally lasted into the lunch hour and then saw further selling. But when the selling failed to revisit the morning opening low the SPX moved higher and closed up 13 points to a new closing high of 5360.

The NASDAQ rose 59 points and saw a new closing high of 59 points ending the day at 17,192.

Of some concern is the growing number of new 52 week lows. On Monday the SPX had 59 new lows and the NASDAQ 173. For the NASDAQ that is the largest number of 52 week lows since April 25.

Let review the closing technical signals from Mon Jun 10 2024 to see what to expect for Tue Jun 11 2024.

Stock Market Outlook: SPX Closing Chart For Mon Jun 10 2024

The index closed above the 21 day moving average, near the Upper Bollinger Band. This is bullish.

The closing candlestick is bullish.

The 21 day moving average is still climbing continuing the latest up signal.

The 50 day moving average is climbing which is bullish.

The 200 day moving average is still climbing. The 200 day is at 4876 which is bullish and the 100 day is also climbing to 5091.

The Lower Bollinger Band is above the 50 day moving average. The Upper Bollinger Band is turned higher as the SPX is in a Bollinger Bands Squeeze.

The S&P chart is bullish and the Bollinger Bands Squeeze looks like stocks will move higher out of the squeeze.

SPX Stock Market Outlook review of Mon Jun 10 2024 – chart courtesy TradingView

Stock Market Outlook: Technical Indicators Review

Stock Market Outlook for Tue Jun 11 2024 

For Tuesday investors should expect some volatility but a slightly higher close ahead of Wednesday’s Fed interest rate decision is likely.

Potential Economic and Political Market Moving Events

This is a big week for economic numbers.

Monday:

No reports

Tuesday:

No reports