Prior Trading Day Summary:
Monday saw continued pressure on stocks and a bounce attempt. The S&P traded 4.1 billion shares with 62% of all volume being traded higher and 57% of stocks advancing. The day ended with a 23 point rise to close at 5893. It wasn’t a strong enough day to delay a new down signal from the MACD technical indicator. This is unconfirmed as of Monday’s close however.
The NASDAQ traded 8.7 billion shares which was 500 million more than Friday’s decline. Up volume was 69% but only 49% of stocks were rising as many tech names continued to be under selling pressure. The day ended with a gain of 111 points to close at 18,791.
Tuesday morning we get the latest quarterly results from Walmart and Lowes. Both are expected to beat estimates. Walmart might but Lowes may have trouble and that could mean another choppy day until we get NVIDIA earnings on Wednesday after the close.
Let reviews the close on Mon Nov 18 2024 to see what to expect for Tue Nov 19 2024.
Stock Market Outlook: SPX Closing Chart For Mon Nov 18 2024
The index traded below the Upper Bollinger Band and closed above the 21 day moving average but just barely. This is bearish for Tuesday.
The closing candlestick has a shadow which advises we could see an attempt to move higher on Tuesday.
The 21 day moving average is flat and is at 5862 This is bearish..
The 50 day moving average is higher at 5780. This is bullish.
The 100 day moving average is rising and closed at 5650 which is bullish.
The 200 day moving average is in an uptrend and closed at 5408 which is bullish.
The Lower Bollinger Band is below the 50 day moving average which is bullish. The Upper Bollinger Band is moving sideways which is neutral and could signal a turn lower coming up early this week for the Bollinger Bands.
The S&P chart is more bullish for Tuesday than we saw on Monday. The index may try a second bounce off the 21 day moving average.
SPX Stock Market Outlook review of Mon Nov 18 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Thu Nov 7 2024. A new unconfirmed down signal was generated at the close on Monday.
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Ultimate Oscillator: The Ultimate Oscillator is rising slightly.
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Slow Stochastic: The Slow Stochastic has a down signal in place.
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Relative Strength Index: The RSI signal is rising slightly.
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Rate of Change: The rate of change signal is neutral which signals not a great deal of change up or down is expected.
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Stock Market Outlook: Support and Resistance Levels |
| 6025 is resistance |
| 6015 is resistance |
| 6000 is resistance |
| 5990 is resistance |
| 5970 is resistance |
| 5950 is resistance |
| 5900 is rsistance |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is support |
| 5790 is support |
| 5775 is support |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
Stock Market Outlook for Tue Nov 19 2024
Tuesday before the open we get earnings from Walmart and Lowes. I expect Walmart will beat estimates but Lowes may have trouble or may lower their forward guidance. If that happens, we could see a weak open.
The technical indicators are mixed but most are showing weakness. The MACD Technical Indicator issued a new unconfirmed down signal at the close on Monday. That down signal was expected after Friday’s large move lower. We could see the index today try to move higher. A lot though will depend on Walmart and Lowes earnings.
The outlook at present is for another choppy day with a bias to the upside. A large move higher or lower is not expected today.
Potential Economic and Political Market Moving Events
Monday:
10:00 Home builder confidence index beat the estimate and rose to 46 from 43.
Tuesday:
8:30 Housing starts are expected to slip to 1.34 million from 1.35 million prior
8:30 Building permits are expected to rise to 1.44 million from 1.43 million