Prior Trading Day Summary
OnTue Jun 16 2026 investors took profits in many of the stocks that soared higher over the past 3 days of trading. In particular tech names saw large declines as investors reduced positions and took partial profits.
The SPX fell 43 points to close at 7511 but is still up 80 points on the week. Volume slipped to 5.4 billion. The decline in volume is a signal this was profit-taking.
The NASDAQ returned 307 points to end the day at 26,376. For the week, the index is up 487 points.
SpaceX Stock (SPCX) was the big news as the rally continued with the stock rising 4.8% to close at $201.80. The stock is now the 4th largest public traded company with a valuation of $2.95 trillion. This is ahead of Microsoft and well ahead of Amazon.
With the new Fed Chair presenting the latest decision on interest rates today, investors may find the day choppier than usual.
Let’s review the closing technical indicators from Tue Jun 16 2026 to see what they predict for Wed Jun 17 2026.
Stock Market Outlook: SPX Closing Chart For Tue Jun 16 2026
The index closed above the 21 day moving average and all major moving averages. It was below the Upper Bollinger Band. This is bullish.
The closing candlestick is bearish for Wednesday with the candlestick advising the index could retest the 21 day moving average today.
The 21 day moving average is rising and closed at 7474. This is bullish.
The 50 day moving average is rising and closed at 7285. This is bullish.
The 100 day moving average is rising and closed at 7115. This is bullish.
The 200 day moving average is rising and closed at 6875. This is bullish.
The Lower Bollinger Band is falling and has reached the 50 day moving average. This is bullish at present. The Upper Bollinger Band is rising which is also bullish.
The SPX chart is more bullish than bearish for Wed Jun 17 2026.
SPX Stock Market Outlook review of Tue Jun 16 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and negative. This is bearish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue May 19 2026. On Tue Jun 16 2026 the down signal lost strength.
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Ultimate Oscillator: The Ultimate Oscillator is falling which is bearish.
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Slow Stochastic: The Slow Stochastic has an up signal in place. This is bullish.
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Relative Strength Index: The RSI signal is falling and bearish.
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| Rate of Change: The rate of change is rising, signaling today will end higher. 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 |
| 7600 is resistance |
| 7590 is resistance |
| 7570 is resistance |
| 7550 is resistance |
| 7500 is resistance |
| 7450 is resistance |
| 7425 is resistance |
| 7400 is resistance |
| 7370 is resistance |
| 7350 is resistance |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is good support |
| 7050 is good support |
| 7000 is stronger support |
Stock Market Outlook for Wed Jun 17 2026
For Wednesday, the morning could see some attempts to move higher but the stronger moves up or down may occur in the afternoon when the Fed decision on interest rates is released. While no one expects any change in Fed policy to be announced today, the new Fed Chair Kevin Warsh may make comments that could swing the index up or down. The Fed decision is announced at 2:00 with news conference at 2:30. It is often the news conference that can see bigger moves in the markets.
Potential Economic and Political Market Moving Events
Monday:
8:30 Empire State manufacturing survey for Juneplunged to 5.7 from 19.8 prior
9:15 Industrial production for May plunged to 0.1% from 0.9% prior
10:00 Home builder confidence for June slipped to 35 from 37 prior.
Tuesday:
8:30 May import price index is estimated to fall to 0.8% from 1.9% prior
8:30 Housing starts for May are estimated to have fallen to 1.41 million from 1.47 million prior
8:30 Building permits for May are estimated to have fallen to 1.42 million from 1.44 million prior
Wednesday:
8:30 Retail sales for May are estimated unchanged at 0.5%
10:00 Pending home sales for May are estimated to drop to 1%, down from 1.4% prior
10:00 Business inventories for April are estimated to slip to 0.5% from 0.9% prior
2:00 Fed decision on interest rates is released
2:30 Fed news conference