Tue Apr 30 2019 saw the S&P close at a new high. Intraday the index did not reach Monday’s high but it came close. Considering the concern and selling within Alphabet, the day ended better than it started.
The S&P closed at 2945 while the NASDAQ fell 54 points to 8095. Volumes finally picked up but a lot of the extra volume was selling.
Stock Market Outlook Chart Comments At The Close on Tue Apr 30 2019
The S&P closed above the 21 day moving average again on Tuesday and at the Upper Bollinger Band. The closing candlestick is bullish for Wednesday.
Note that the Lower Bollinger Band has moved higher above the 50 day moving average and the Upper Bollinger Band is turning down as well. A new Bollinger Bands Squeeze seems likely which could be the pullback or dip for May which so many analysts are waiting for.
All major moving averages are moving ahead with the 50 day and 100 day both moving away from the 200 day. The 100 day is now at the 2800 level.
The S&P is stronger but it continues to see a lot of sideways action and low volume. Both of these keep the rally at this stage, very suspect.
Stock Market Outlook review of Tue Apr 30 2019
Stock Market Outlook: Technical Indicators Review:
Momentum: Momentum is positive and moving sideways.
- Settings: For momentum I use a 10 period when studying market direction.
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Tuesday April 2. The signal was neutral again on Tuesday..
- Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9.
Ultimate Oscillator: The Ultimate Oscillator signal is positive and sideways.
- Settings: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months.
Slow Stochastic: The Slow Stochastic has anup signal in place and is overbought.
- Settings: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day.
Relative Strength Index: The RSI signal is rising.
- Settings: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor. It is often the first indicator to show an overbought or oversold signal.
Rate of Change: The rate of change signal is falling indicating lower prices lie ahead.
- 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.
Support Resistance Levels To Be Aware Of:
2950 is resistance
2900 is light support
2860 is light support
2830 is light support
2800 is strong support
2795 is light support
2745 to 2750 is light support
2725 is light support
2700 is light support
2675 is light support
2650 is support
2625 is light support
2600 is support.
There was good support at the 2550 level which is back to being support.
The 2500 level is support.
The S&P has light support at 2480 and better support at 2450.
There is good support at 2425.
Below that there is some support at 2400, 2380, 2350.
Stock Market Outlook for Tomorrow – Wed May 1 2019
For Wednesday the technical indicators are returning to more sideways patterns or basically unchanged readings. Normally this indicates indecision on the part of investors. Even MACD which is slightly positive, is almost neutral as the index struggles to break higher.
The Rate Of Change is moving lower which almost always means lower prices should be expected on the index shortly.
Overall then, the index is showing patterns of weakness. This is often what the “wall of worry” looks like for the indexes.
Wednesday has a good chance to continue to push higher thanks to Apple’s earnings which indicate the consumer remains strong.
We will see periods of weakness once again on Wednesday but the close should be either at or above the 2950 valuation for a new closing high.
Stock Market Outlook Archives
Stock Market Outlook For Wed May 6 2026 – Choppy But Higher Still
Morning Investing Strategy Notes for Tue May 5 2026
Stock Market Outlook For Tue May 5 2026 – Overbought and Lower
Morning Investing Strategy Notes for Mon May 4 2026
Stock Market Outlook For Mon May 4 2026 – Dips Likely With Possible Lower Close
Morning Investing Strategy Notes for Fri May 1 2026
Stock Market Outlook For Fri May 1 2026 – Overbought But Higher
Morning Investing Strategy Notes for Thu Apr 30 2026
Stock Market Outlook For Thu Apr 30 2026 – Dips Likely Possible Lower Close
Morning Investing Strategy Notes for Wed Apr 29 2026
Stock Market Outlook For Wed Apr 29 2026 – Choppy But Higher Ahead Of More Earnings
Morning Investing Strategy Notes for Tue Apr 28 2026
