Stock Market Outlook for Wed Nov 10 2021 – More Dips Likely – But Bounce Attempts Probable

Tuesday saw all three indexes lose ground.  The S&P closed down 16 points to end the day at 4685.

Let’s review the close on Tuesday to see what to expect for Wed Nov 10 2021

Stock Market Outlook Chart Comments At The Close on Tue Nov 9 2021 

The index closed below the Upper Bollinger Band and left behind a third bearish candlestick for Wednesday. The candlestick indicates the market is still overbought and needs to consolidate.

The Upper Bollinger Band is starting to turn sideways which is bearish. The Lower Bollinger Band is also rising which is also bearish. We could see a Bollinger Bands Squeeze by next week.

The 21, 50, 100 and 200 day moving averages are all climbing. This is bullish.

For Wednesday the chart is dominantly bullish except for the Bollinger Bands and the closing candlestick.

Stock Market Outlook review of Tue Nov 9 2021

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is falling slightly and positive.

• Settings: For momentum I use a 10 period when studying market direction.

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Wed Oct 13 2021 . On Tuesday the up signal lost more strength.

• 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 is falling and overbought.

• 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 a down signal in place and still 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 falling and still overbought.

• 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 rising.

• 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 and Resistance Levels To Be Aware Of:

4700 is resistance

4655 is resistance

4600 is resistance

4550 is light support

4525 is light support

4500 is support

4490 is support

4475 is support

4450 is support

4400 is support

4370 is light support

4350 is light support

4300 is light support

 Stock Market Outlook for Tomorrow – Wed Nov 10 2021 

For Wednesday the technical indicators are still pointing to a lower move for the S&P.

We should however see some buying and a bounce attempt although the inflation number due out today, could concern investors enough to stall a rally until Thursday.

The outlook for today is for more dips along with a bounce attempt. The close will be lower for the day.

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