Prior Trading Day Summary
On Monday all 3 indexes closed at record highs as stocks continued to advance while staying overbought.
The S&P rose 20 points to end the day at 7599. Volume rose to 6.7 billion shares traded with 58% of all volume being traded higher. By the close though, 51% of stocks on the S&P were falling.
The NASDAQ rose 114 points to close at 27,086. Volume fell to 10.5 billion with 63% of all trades rising. By the close 47% of stocks were rising.
Let’s review the closing technical indicators from Mon Jun 1 2026 to see what they predict for Tue Jun 2 2026.
Stock Market Outlook: SPX Closing Chart For Mon Jun 1 2026
The index closed above all major moving averages and reached the Upper Bollinger Band intraday. This is bullish.
The closing candlestick is bullish for Tuesday. There are shadows though which indicate dips are likely.
The 21 day moving average is rising and closed at 7421. This is bullish.
The 50 day moving average is rising and closed at 7078. This is bullish.
The 100 day moving average is rising and closed at 7031. Thit is bullish.
The 200 day moving average is rising and closed at 6805. This is bullish.
The Lower Bollinger Band is climbing which is bullish at present. The Upper Bollinger Band is climbing which is bullish.
The SPX chart is more bullish than bearish for June 2 but there are signs advising caution as stocks stay very overbought.
SPX Stock Market Outlook review of Mon Jun 1 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue May 19 2026. On Mon Jun 1 2026 the down signal was almost gone.
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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.
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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 falling signaling today will end lower. 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 resistance |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is support |
| 7050 is support |
| 7000 is support |
Stock Market Outlook for Tue Jun 2 2026
For Tuesday the technical indicators are still quite bullish despite stocks remaining very overbought.
Investors should remain vigilant and keep some capital out of the market in case there is some selling shortly. For Tuesday though, everything continues to look fine.
Potential Economic and Political Market Moving Events
Monday:
9:45 S&P final manufacturing PMI came in slightly lower at 55.1
10:00 ISM manufacturing was stronger than estimated coming in at 54.0
10:00 Construction spending for April rose 0.4% defying analysts who predicted a lower reading.
Auto sales came in slightly above estimated.
Tuesday:
10:00 Job openings for April are estimated to come in at 6.9 million.