Prior Trading Day Summary:
On Monday the SPX opened higher as expected but again failed to hold the rally. It closed positive on the day but at the lows of the day, rising 15 points to close at 5823. 78% of volume was trading higher.
The NASDAQ rose 48 points on 5.8 billion shares. 65% of stocks on the NASDAQ were rising by the close. Earnings should begin to make an impact as more companies continue to report this week. Many companies are big cap stocks like Microsoft, Meta, Apple, Alphabet and Amazon. The bias for these companies reporting is higher.
Let’s review the technical indicators from Mon Oct 28 2024 to see if there are changes in the technical outlook for Tue Oct 29 2024.
Stock Market Outlook: SPX Closing Chart For Mon Oct 28 2024
The index closed below the Upper Bollinger Band and just above the 21 day moving average. This is bearish.
The closing candlestick is bullish for Tuesday.
The 21 day moving average is higher at 5792. This is bullish but the rise in the 21 day is slowing.
The 50 day moving average is higher at 5688. This is bullish.
The 100 day moving average is rising and closed at 5569 which is bullish.
The 200 day moving average is in an uptrend and closed at 5332 which is bullish.
The Lower Bollinger Band is just below the 50 day moving average which is bearish. The Upper Bollinger Band is turned sideways which is still bullish.
The S&P chart is more bearish than bullish for Monday but is signaling Tuesday should be higher.
SPX Stock Market Outlook review of Mon Oct 28 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 Monday the down signal gained strength which is also seen in the MACD histogram.
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Ultimate Oscillator: The Ultimate Oscillator is falling and positive.
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Slow Stochastic: The Slow Stochastic has a down signal in place which could turn back up shortly.
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Relative Strength Index: The RSI signal is rising.
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Rate of Change: The rate of change signal is rising signaling Tuesday may be higher.
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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 |
| 5575 is support |
| 5550 is light support |
| 5525 is support |
| 5500 is support |
Stock Market Outlook for Tue Oct 29 2024
On Tuesday the index may dip in the morning as the technical indicators are still showing weakness but there are some signs indicating a higher close is likely.
Job openings at 10:00 are expected to come in at 8 million. A higher number could pressure stocks as could a rise in the 10 year Treasury but before the open, the day looks positive for stocks.
Potential Economic and Political Market Moving Events
Monday:
No economic reports
Tuesday:
9:00 S&P Case-Shiller home price index is expect to slip to 5.1% from 5.9%
10:00 Consumer confidence in expected to rise to 99.5 from 98.7 prior
10:00 Job openings are expected to come in at 8.0 million