Prior Trading Day Summary:
Tuesday saw markets open lower as investors fretted over the chance of an expanding Ukraine-Russia war. The Russian dictator threatened nuclear weapons while most analysts felt the danger was slim to none that any would be used. Meanwhile Walmart reported earnings that beat estimates while Lowes reported good earnings but lowered their outlook. Walmart rose and Lowes fell. Within a couple of hours investors were more focused on the upcoming Target earnings due out this morning and NVIDIA earnings due out today after the close.
The S&P recovered from the morning drop and ended the day up 23 points to close at 5917. Volume was 4.1 billion with 51% of all volume being traded higher.
The NASDAQ recovered from its morning drop and ended higher by 195 points to close at 18,987.
Let reviews the close on Tue Nov 19 2024 to see what to expect for Wed Nov 20 2024.
Stock Market Outlook: SPX Closing Chart For Tue Nov 19 2024
The index failed to break below the 21 day moving average which is a bullish signal.
The closing candlestick shows the index closed near the highs of the day which usually means a lower open should be expected.
The 21 day moving average is higher at 5865 This is bullish.
The 50 day moving average is higher at 5788. This is bullish.
The 100 day moving average is rising and closed at 5653 which is bullish.
The 200 day moving average is in an uptrend and closed at 5414 which is bullish.
The Lower Bollinger Band is below the 50 day moving average which is bullish. The Upper Bollinger Band is moving sideways which is neutral and could signal a turn lower coming up early this week for the Bollinger Bands.
The S&P chart is more bullish for Wednesday than we saw on Monday. The index may try for a higher close today.
SPX Stock Market Outlook review of Tue Nov 19 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is falling and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Mon Nov 18 2024. The down signal was confirmed on Tuesday at the close.
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Ultimate Oscillator: The Ultimate Oscillator is rising slightly.
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Slow Stochastic: The Slow Stochastic has a down signal in place.
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Relative Strength Index: The RSI signal is rising.
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Rate of Change: The rate of change signal is rising which signals a higher close is expected for Wednesday.
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Stock Market Outlook: Support and Resistance Levels |
| 6025 is resistance |
| 6015 is resistance |
| 6000 is resistance |
| 5990 is resistance |
| 5970 is resistance |
| 5950 is resistance |
| 5900 is rsistance |
| 5890 is resistance |
| 5875 is resistance |
| 5850 is resistance |
| 5815 is resistance |
| 5800 is support |
| 5790 is support |
| 5775 is support |
| 5765 is support |
| 5750 is support |
| 5725 is support |
| 5700 is support |
Stock Market Outlook for Wed Nov 20 2024
On Tuesday the close saw the latest MACD down signal confirmed. However there are other indicators that are pointing to a possibly higher move and if NVIDIA’s earnings on Wednesday beat estimates as expected, we should see the down signal questioned on Thursday. I plan to stay cautious but there are a lot of signs that we could see the MACD down signal lost later this week.
Target reports earnings today before the open. They are expected to not be as good as Walmart’s but still “good enough” to see the stock rise. That will be positive for the open.
For Wednesday watch for dips but a probable higher close ahead of NVIDIA earnings.
Potential Economic and Political Market Moving Events
Monday:
10:00 Home builder confidence index beat the estimate and rose to 46 from 43.
Tuesday:
8:30 Housing Starts came in lower to 1.31 million from 1.35 million prior
8:30 Building permits were lower than estimated at 1.42 million.
Wednesday:
No economic reports