Prior Trading Day Summary:
Monday saw the SPX lose 10 points in a choppy day of trading while the NASDAQ saw volume rise to 6.4 billion shares traded and a positive close of 50 points.
Up volume on the SPX was just 27% but dips, especially deeper ones on Monday found ready buyers. The NASDAQ saw 61% of all volume being traded higher.
Let’s review the technical indicators from Mon Oct 21 2024 to see what they predict for Tue Oct 22 2024.
Stock Market Outlook: SPX Closing Chart For Mon Oct 21 2024
The index closed down just 10 points and slightly below the Upper Bollinger Band but still well above the 21 day moving average. This is bullish.
The closing candlestick is signaling dips could be deep again on Tuesday as the outlook is bearish.
The 21 day moving average is higher at 5771. This is bullish.
The 50 day moving average is higher at 5652. This is bullish.
The 100 day moving average is rising and closed at 5543 which is bullish.
The 200 day moving average is in an uptrend and closed at 5307 which is bullish.
The Lower Bollinger Band is above the 50 day moving average but almost ready to fall below it. This will be bearish. The Upper Bollinger Band is moving higher which is bullish. The latest Bollinger Bands Squeeze is ending as the index still looks bullish.
The S&P chart is bullish for Tuesday with just the closing candlestick and possibly the Lower Bollinger Band giving us some bearish signals.
SPX Stock Market Outlook review of Mon Oct 21 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 Oct 10 2024. On Monday the up signal continued to weaken.
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Ultimate Oscillator: The Ultimate Oscillator is falling and positive.
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Slow Stochastic: The Slow Stochastic has a weak up signal in place and is no longer overbought.
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Relative Strength Index: The RSI signal is falling.
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Rate of Change: The rate of change signal is unchanged which signals we may not see much movement today.
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Stock Market Outlook: Support and Resistance Levels |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is resistance |
| 5790 is resistance |
| 5775 is resistance |
| 5765 is resistance |
| 5750 is resistance |
| 5740 is resistance |
| 5715 is resistance |
| 5700 is support |
| 5680 is support |
| 5650 is support |
| 5625 is support |
| 5600 is support |
| 5575 is support |
| 5550 is light support |
| 5525 is support |
| 5500 is support |
Stock Market Outlook for Tue Oct 22 2024
For Tuesday some of the technical indicators are losing further strength, especially the MACD technical indicator. As the up signals weaken we will see further dips on Tuesday but again, dips are expected to find buyers as investors wait for further earnings reports from many large cap stocks.
There are no economic reports on Tuesday that will impact the market direction.
Potential Economic and Political Market Moving Events
Monday:
10:00 Leading economic indicators were lower than estimated at -0.5%
Tuesday:
No economic reports.