Prior Trading Day Summary
On Tue Jun 23 2026 investors continued with the sell-off with the focus moving wider than just the chip and tech stocks. All major indexes closed lowe including the Russell 2000 which has been rising since late March. By the close on Tuesday the S&P had reached the 50 day moving average. The SPX closed down 107 points to 7365 on 5.7 billion shares traded which was a decline from yesterday’s 6.1 billion shares. 47% of all volume was still being traded higher by the close and 50% of all stocks were moving higher.
The NASDAQ dropped 576 points to end the day at 25,587. Volume climbed to 15.4 billion and 68% of all stock being traded was moving higher. By the close 42% of all stocks were still rising.
You can see from the stats on Tuesday that neither index was seeing any type of panic selling and indeed the advancing stocks and trading was still slanted to the bullish side.
Let’s review the closing technical indicators from Tue Jun 23 2026 to see what they predict for Wed Jun 24 2026.
Stock Market Outlook: SPX Closing Chart For Tue Jun 23 2026
The index reached the 50 day moving average and closed just above it. This is bearish.
The closing candlestick is bearish for Wednesday but with a long shadow which is pointing to a probable bounce on Wednesday.
The 21 day moving average is falling and closed at 7480. This is bearish.
The 50 day moving average is rising and closed at 7339. This is bullish.
The 100 day moving average is rising and closed at 7140. This is bullish.
The 200 day moving average is rising and closed at 6898. This is bullish.
The Lower Bollinger Band is falling and below the 50 day moving average. This is bearish at present. The Upper Bollinger Band is trending sideways which is bearish.
The SPX chart is more bullish than bearish for Wed Jun 24 2026 but there are stronger bearish signals than we saw at the close on Monday.
SPX Stock Market Outlook review of Tue Jun 23 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 23 2026 the down signal gained 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 a down signal in place. This is bearish.
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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 falling, signaling 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 |
| 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 support |
| 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 24 2026
For Wednesday we get the earnings from Micron Technology Stock (MU) after the close. These earnings could restart the tech rally or sink it further starting tomorrow.
For Monday and Tuesday, selling has been focused on the many high flying tech stocks that has meteoric rises than most analysts said couldn’t last. The past couple of days seem to be proving them right. On Tuesday after the close we got the latest quarterly earnings result from FedEx (FDX). Earnings came in at $6.31, well ahead of estimates of $5.91 a share. Revenue was $25.01 billion, well ahead of estimated of $24.18. After hours the stock moved slightly lower but it might help on Wednesday to get a bounce started.
Wed Jun 24 2026 looks choppy with a bias lower. The closing candlestick from Tuesday points to a high possibility of a bounce today.
With all the technical indicators pointing lower, I am expecting a rally but with a bearish closing.
Potential Economic and Political Market Moving Events
Monday:
No reports
Tuesday:
9:45 Jun Flash manufacturing PMI came in at 55.7 which was slightly ahead of the 55.3 prior
9:45 Jun Flash services PMI came in above estimates at 51.3 versus 50.9 prior.
Wednesday:
10:00 New home sales for May is estimated to have risen to 634K from 622K prior
4:00 Fed Board annual bank stress test results