SPX Stock Market Outlook review of Wed May 8 2024 – chart courtesy TradingView
Prior Trading Day Summary
On Mon Sep 28 2026 stocks struggled with higher bond yields and stubbornly high oil prices.
The SPX ended the day down 59 points to 7683. Volume was 5.3 billion, higher than Friday’s 4.6 billion. The number of new 52 week highs was just 17 while new lows continued to move higher with 446 by the end of the day. This is bearish. 74% of the SPX stocks were falling by the close. All of this is bearish.
The NASDAQ fell 248 points on 7.4 billion shares traded. The index closed at 26,820 with 69% of all stocks falling by the close. New highs were 55 but new 52 week lows rose to 532. These are ery bearish numbers.
Let’s review the SPX closing technical indicators from Mon Sep 28 2026 to see what they predict for Tue Sep 29 2026.
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Stock Market Outlook: SPX Closing Chart For Mon Sep 28 2026
The index ended the day below the Upper Bollinger Band and back at the 21 day moving average. This is bearish.
The closing candlestick is bearish for today.
The 21 day moving average is falling and closed at 7673. This is bearish.
The 50 day moving average is rising and closed at 7640. This is bullish.
The 100 day moving average is rising and closed at 7502. This is bullish.
The 200 day moving average is rising and closed at 7241. This is bullish.
The Lower Bollinger Band is above the 100 day moving average and falling which is bullish. The Upper Bollinger Band is falling which is bearish.
The SPX chart is more bearish that bullish for Tue Sep 29 2026.
SPX Stock Market Outlook review of Mon Sep 28 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive. This is bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Mon Sep 21 2026. The up signal was weaker on Mon Sep 28 2026.
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Ultimate Oscillator: The Ultimate Oscillator is falling sharply. This is bearish.
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Slow Stochastic: The Slow Stochastic has a down signal in place and is bearish. It is overbought.
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Relative Strength Index: The RSI signal is falling. This is bearish.
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| Rate of Change: The rate of change is falling, signaling that Tuesday will end lower. 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. |
Stock Market Outlook: Support and Resistance Levels |
| 7800 is resistance |
| 7780 is resistance |
| 7750 is resistance |
| 7700 is resistance |
| 7650 is resistance |
| 7600 is resistance |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is support |
| 7450 is support |
| 7425 is support |
| 7400 is support |
Stock Market Outlook for Tue Sep 29 2026
For Tue Sep 29 2026 the SPX is moving lower but if you look at the SPX chart above you can see that it is actually moving in a sideways pattern. Analysts always find this type of market perplexing and frustrating. They are looking for a clear direction and without one, most analysts remain bearish. But if the SPX were going to fall apart, it should have happened already. Today we will see the SPX slip below the 21 day but then try to recover it. Overall the intraday outlook is bearish and there is a good chance for a lower close but overall the outlook remains bullish. On Wednesday we get the latest inflation read with PCE reports (Personal Consumption Expenditures). After the close on Wednesday we also get the latest quarterly earnings from Micron Technology (MU). Today we could see stocks trade on low volume with not much change ahead of those reports tomorrow.
Potential Economic and Political Market Moving Events
Monday:
No reports
Tuesday:
10:00 Conference Board Consumer confidence for Sep is estimated to slip only slightly to 89 from 89.4 prior
10:00 Job openings and Labor Turnover Survey for Aug is estimated to fall to 7.2 million from 7.3 million prior