Prior Trading Day Summary:
On Monday stocks swung as investors tried to decide which way the country will vote on Tuesday in the election. By the close the S&P was down 16 points to 5712. The NASDAQ was down 60 points to 18,180. Losses were mild on Monday but volume was good with the S&P trading 3.6 billion shares and the NASDAQ 5.9 billion. With the election on Tuesday, investors are either on the sideline or planning to stay the course through the election.
Let’s review the technical signals from Mon Nov 4 2024 to see what they predict for Tue Nov 5 2024, Election Day.
Stock Market Outlook: SPX Closing Chart For Mon Nov 4 2024
The index closed at the Lower Bollinger Band and the 50 day moving average. This is bearish.
The closing candlestick is bearish forTuesday but once again it is signaling a chance for a bounce.
The 21 day moving average is at 5799 down 1 point. This is bearish.
The 50 day moving average is slightly higher at 5703. This is bearish as the uptrend is slowing.
The 100 day moving average is rising and closed at 5587 which is bullish but slowing its advance..
The 200 day moving average is in an uptrend and closed at 5353 which is bullish.
The Lower Bollinger Band is below the 50 day moving average which is bearish. The Upper Bollinger Band is starting to turn up which may signal a move back up. We will need a couple of days to see how the Upper Bollinger Band performs.
The S&P chart is more bearish than bullish for Tuesday.
SPX Stock Market Outlook review of Mon Nov 4 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and negative.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Wed Oct 23 2024. On Mon Nov 4 2024 the down signal gained more strength.
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Ultimate Oscillator: The Ultimate Oscillator is falling and oversold. A bounce could happen at any time.
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Slow Stochastic: The Slow Stochastic has a down signal in place and is oversold.
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Relative Strength Index: The RSI signal is falling and is signaling oversold. A bounce could occur at any time.
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Rate of Change: The rate of change signal is falling which indicates a lower day is likely for Tuesday.
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Stock Market Outlook: Support and Resistance Levels |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is resistance |
| 5790 is resistance |
| 5775 is resistance |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
| 5680 is support |
| 5650 is support |
| 5625 is support |
| 5600 is support |
Stock Market Outlook for Tue Nov 5 2024
For Tuesday the Election will have the most impact on stocks. As this is a very close election, the outlook is anyone’s guess and that is keeping the market on edge. Tuesday may see another bounce attempt but the index will see choppy trading ahead of the election results.
Potential Economic and Political Market Moving Events
Monday:
10:00 Factory Orders came in as estimated, down -0.5%
Tuesday:
8:30 Trade deficit is expect to come in at -$84.0 billion
9:45 S&P final US services PMI is expected at 55.3
10:00 ISM Services is estimated to dip slightly to 53.7% down from 54.9%