Prior Trading Day Summary
On Tue Jun 2 2026 stocks continued to push to new highs but market breadth and volumes continue to show weakness building.
The S&P rose 9 points to end the day at 7609. Volume fell to 6.0 billion shares traded with 50% of all volume being traded higher. By the close though, 52% of stocks on the S&P were rising.
The NASDAQ rose 7 points to close at 27,093. Volume fell to 10 billion with 43% of shares being traded higher and 44% of stocks rising.
Marvell Stock (MRVL) soared 32.5% to close at $290.79. Other high flyers included Caterpillar Stock (CAT) which rose 5% to $909.81 and Deere Stock (DE) up 6.7% to $579.25. Meanwhile the VIX Index was lower closing at $15.77.
Let’s review the closing technical indicators from Tue Jun 2 2026 to see what they predict for Wed Jun 3 2026.
Stock Market Outlook: SPX Closing Chart For Tue Jun 2 2026
The index closed above all major moving averages and reached the Upper Bollinger Band intraday. This is bullish.
The closing candlestick is bullish for Wednesday but shadows are signaling dips are likely again today.
The 21 day moving average is rising and closed at 7439. This is bullish.
The 50 day moving average is rising and closed at 7100. This is bullish.
The 100 day moving average is rising and closed at 7042. Thit is bullish.
The 200 day moving average is rising and closed at 6814. This is bullish.
The Lower Bollinger Band is climbing which is bullish at present. The Upper Bollinger Band is climbing which is bullish.
The SPX chart is more bullish than bearish for June 3 but once again signals also advise stocks are overbought and a negative day could happen shortly.
SPX Stock Market Outlook review of Tue Jun 2 2026
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and bullish.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Tue May 19 2026. On Tue Jun 2 2026 the down signal was almost gone.
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Ultimate Oscillator: The Ultimate Oscillator is rising which is bullish.
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Slow Stochastic: The Slow Stochastic has a weak down signal in place.
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Relative Strength Index: The RSI signal is rising which is bullish.
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| Rate of Change: The rate of change is falling signaling today 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 resistance |
| 7300 is support |
| 7280 is support |
| 7250 is support |
| 7200 is support |
| 7175 is support |
| 7150 is support |
| 7125 is support |
| 7100 is support |
| 7050 is support |
| 7000 is support |
Stock Market Outlook for Wed Jun 3 2026
On Tuesday stocks ended the day at high overbought levels. There are signals that volume to the upside is slowing. At some point the rally will pullback but for Wednesday that does not seem likely.
Look for stocks to dip intraday but close once more at new highs.
Potential Economic and Political Market Moving Events
Monday:
9:45 S&P final manufacturing PMI came in slightly lower at 55.1
10:00 ISM manufacturing was stronger than estimated coming in at 54.0
10:00 Construction spending for April rose 0.4% defying analysts who predicted a lower reading.
Auto sales came in slightly above estimated at 16.1 million
Tuesday:
10:00 Job openings for April came in much higher than estimated, at 7.6 million.
Wednesday:
8:15 May ADP employment is estimated at 110,000
9:45 S&P final services PMI for May is estimated unchanged at 50.9
10:00 Factory orders for April are estimated at 4.4% up from 1.5% prior
10:00 ISM services for May are estimated to rise slightly to 53.9% from 53.6% prior
2:00 Fed’s Beige Book is released