Stock Market Outlook for Wed Apr 11 2018 – Weakness But Higher Close

Summary:

Tuesday was all about investors laying aside their fear of a global trade war, thanks to comments from China’s President Xi which seemed to indicate an interest in working out the trade difficulties.

That view though could change rapidly. So while the big move higher on Tuesday was welcomed, staying cautious is the best strategy at present.

Closing Statistics:

On April 9th (2018) the closing price for the S&P 500 was $2656.87. The security opened up, gained 43.71 points, rising 1.6%.

The closing price for the NASDAQ Composite was $7094.30. The security opened higher, rose 143.96 points for a gain of 2.07%.

The closing price for the Dow Jones Industrial Average was $24408. The index opened higher, gaining 428.90 points rising 1.79%.

Support Levels To Be Aware Of:

2745 to 2750 was light support

2710 was light support.

2700 was good support.

2675 was light support.

2650 was light support and 2620 was also light support.

2600 is good support.

There is good support at the 2550 level from where the market bounced back from the recent correction on Feb 9.

The S&P has light support at 2480. It also has light support at 2450 and good support at 2425. Below that there is some support at 2400, 2380, 2350. 2300 has the most support at present but would represent a full correction as a drop to this level would be 20% and just 5% away from a potential bear market signal.

 Stock Market Outlook for Tomorrow – Wed Apr 11 2018

For Wednesday investors should see some weakness in the morning, probably from the open and then a move higher mid-morning through the lunch hour. An early afternoon dip looks set to occur followed by another attempt to move higher. I am expecting a slightly positive close on the day.

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