Prior Trading Day Summary
On Tuesday both the SPX and NASDAQ lost a little ground but the bigger earnings are set to be released starting tomorrow.
The SPX fell 35 points to close at 7178 on 5 billion shares traded. 46% of all stocks were still rising by the close.
The NASDAQ fell 223 points to close at 24,663 with 34% of stocks on the index rising on just 7.7 billion shares traded.
Much of the decline on Tuesday was a lack of buying volume as investors away earnings from Meta, Microsoft, Amazon, Alphabet. Qcomm and others today after the close. Stocks may move higher today but tomorrow we may see some of the rally given back if the earnings are just “so-so” tonight.
Let’s review the closing technical indicators from Tue Apr 28 2026, to see what they predict for Wed Apr 29 2026.
Stock Market Outlook: SPX Closing Chart For Tue Apr 28 2026
The index closed above all major moving averages but inside the Upper Bollinger Band for a seventh day. The index is moving sideways which is neutral in direction.
The closing candlestick is bullish for Wednesday. The index closed just a handful of points below the high but tomorrow we could see some selling after tonight’s earnings.
The 21 day moving average is rising sharply and closed at 6886. This is bullish and places the 21 day further above the 50 and 100 day moving averages.
The 50 day moving average is rising and closed at 6802. This is bullish but below the 100 day moving average.
The 100 day moving average is rising and closed at 6806. This is bullish but we need to see the 50 day move above the 100 day this week..
The 200 day moving average is rising and closed at 6648. This is bullish.
The Lower Bollinger Band is turning higher which signals the high momentum rally is ended. The Upper Bollinger Band is turning sideways which is neutral and could be a concern tomorrow.
The SPX chart is more bullish than bearish. I am expecting weakness tomorrow after we get earnings tonight.
SPX Stock Market Outlook review of Tue Apr 28 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling. This is bbearish despite still being positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Apr 7 2026. On Tue Apr 28 2026 the up signal lost more strength. You can clearly see in the chart above that the MACD indicator is pulling back.
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Ultimate Oscillator: The Ultimate Oscillator is rising.
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Slow Stochastic: The Slow Stochastic has a weak down signal in place. It is extremely overbought. It is at levels where a pullback should be expected.
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Relative Strength Index: The RSI signal is falling which is bearish.
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| Rate of Change: The rate of change is rising and signaling a higher close is likely. 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 |
| 7190 is resistance |
| 7175 is resistance |
| 7150 is resistance |
| 7125 is resistance |
| 7100 is resistance |
| 7050 is resistance |
| 7000 is resistance |
| 6950 is resistance |
| 6900 is resistance |
| 6850 is resistance |
| 6830 is resistance |
| 6800 is support |
| 6780 is support |
| 6750 is support |
| 6735 is support |
| 6700 is support |
| 6675 is support |
| 6650 is support |
| 6625 is support |
| 6600 is support |
Stock Market Outlook for Wed Apr 29 2026
For Wednesday stocks will move higher in choppy trading as investors wait for earnings from some of the largest big caps on the market tonight after the close. Don’t be surprised if tomorrow we see weakness and a lower close. This has been typical after earnings from the largest big cap stocks over the past several quarters.
At 2:00 today we get the latest FOMC decision on interest rates. No change is expected and I do not expect much move in the markets ahead of the announcement. At 2:30 we get what should be the final news conference of Fed Chair Powell. I am not expect any major moves in the market today over this event.
Potential Economic and Political Market Moving Events
Monday:
No reports are released
Tuesday:
9:00 Case-Shillier home price index is fell more than estimated to 0.9%
10:00 Consumer confidence was stronger than estimated, rising to 92.8 for April
Wednesday:
Durable goods orders for March are expected to climb to 0.2%
8:30 Housing starts delayed from Feb are estimated lower at 1.36 million
8:30 Building permits delayed from March are estimated at 1.39 million
8:30 House starts for March are estimated at 1.4 million
8:30 Building permits for March are estimated at 1.39 milli9on
2:00 FOMC interest rate decision is expected to be a non-event with no change
2:30 Fed Chair Powell news conference may be his last as Fed chair