Stock Market Outlook for Tue Sep 24 2019 – Sideways With A Bias Up

Monday saw stocks basically move sideways with a handful of stocks rising and a handful falling. By the end of the day stocks had closed leaving behind a sideways pattern and s very slight loss of a quarter of a point.

Stock Market Outlook Chart Comments At The Close on Mon Sep 23 2019 

The 21 day moving average continued to climb above the 50 day on Monday which continues to confirm the up pattern

The closing candlestick on Monday was bearish for Tuesday.

The 100 and 200 day moving averages are still climbing, as they continue to signal higher prices are ahead for stocks.

The S&P chart is fairly bullish heading into the final week of September, but you can clearly see that the index is stuck at 3000 and having trouble pushing to new highs. Looking at the chart below you can see that the same pattern emerged in mid through late July which ended with stocks sliding lower in August. A lot of investors think this sideways trend will end with stocks collapsing.

Stock Market Outlook review of Mon Sep 23 2019

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is positive and has turned sideways.

• Settings: For momentum I use a 10 period when studying market direction.

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Thurs Aug 29. The up signal was weaker again by the close on Monday..

• Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. 

Ultimate Oscillator: The Ultimate Oscillator signal is positive and moving sideways.

• Settings: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months.

Slow Stochastic: The Slow Stochastic has a sell signal in place and is overbought.

• Settings: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day.

Relative Strength Index: The RSI signal is turning sideways.

• Settings: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor.  It is often the first indicator to show an overbought or oversold signal.

Rate of Change: The rate of change signal is also falling indicating that prices are not expected to change by much, tomorrow.

• 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.

Support and Resistance Levels To Be Aware Of:

3000 is resistance

2960 is good support

2950 is light support

2900 is light support

2860 is light support

2840 is support

2800 is strong support

2795 is light support

2745 to 2750 is light support

2725 is light support

2700 is light support

2675 is light support

2650 is support

2625 is light support

2600 is support.

 Stock Market Outlook for Tomorrow – Tue Sep 24 2019 

The 3000 level is strong resistance which the S&P has continued to have trouble climbing above.

Monday ended with only a slight loss. For Tuesday the index is set to move sideways again but should push higher into the close.

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