Prior Trading Day Summary:
Tuesday saw investors continue to push stocks higher but the rally was not as broad on Tuesday.
The SPX closed up 34 points almost double Monday’s advance but only 35% of al volume was being traded to the upside and 63% of all stocks were declining. The same picture was seen on the NASDAQ which closed up 120 points to 19,178 but 58% of all stocks were falling.
The SPX made a new closing high on Tuesday of 6021.
Let reviews the closing technical signals from Tue Nov 26 2024 to see what to expect for Wed Nov 27 2024.
Stock Market Outlook: SPX Closing Chart For Tue Nov 26 2024
The index pushed higher above he 21 day moving average. This is bullish.
The closing candlestick has no shadows and closed at the high for the day. This is bullish although a dip in the morning is likely.
The 21 day moving average is higher at 5900. This is bullish.
The 50 day moving average is higher at 5824. This is bullish.
The 100 day moving average is rising and closed at 5685 which is bullish.
The 200 day moving average is in an uptrend and closed at 5440 which is bullish.
The Lower Bollinger Band is below the 50 day moving average and turning up which is bullish. The Upper Bollinger Band is rising which is bullish.
The S&P chart is bullish for Wednesday with just the closing candlestick warning the rally is becoming overbought.
SPX Stock Market Outlook review of Tue Nov 26 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and positive.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Monday Nov 25 2024. The up signal was confirmed today.
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Ultimate Oscillator: The Ultimate Oscillator is overbought and falling which advises trading volume is biased to the downside.
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Slow Stochastic: The Slow Stochastic has an up signal and is touching overbought readings.
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Relative Strength Index: The RSI signal is rising and overbought.
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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 support |
| 5825 is support |
| 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 27 2024
For Wednesday the morning near the open could see a dip but the technical indicators are still bullish. Monday’s up signal from the MACD technical indicator was confirmed on Tuesday by the close.
The outlook is still higher but volumes are a concern. More stocks must joint he rally if it is to continue higher into 6000. On Wednesday there are a large number of economic reports including the important PCE (Personal Consumption Expenditures) index. A shift lower could see some weakness in the morning. Despite this, the outlook is still for a higher close today.
Potential Economic and Political Market Moving Events
Monday:
No economic reports
Tuesday:
9:00 Case-Shiller home price index came in lower than estimated at 4.6%
10:00 Consumer confidence rose to 111.7 from 108.7
10:00 New Home salesfell sharply to 610,000 from 738,000 prior.
2:00 FOMC November meeting minutes provided nothing new
Wednesday:
8:30 Weekly Initial Unemployment Insurance Claims are estimated to rise to 215,000 from 213,000
8:30 Durable goods orders are estimated at 0.4%
8:30 Trade balance is estimated at -$108.74 unchanged
8:30 Advanced retail inventories are estimated unchanged at 0.8%
8:30 GDP is estimated at 2.8% unchanged.
10:00 Personal income is estimated unchanged at 0.3%
10:00 Personal spending is estimated at 0.4%
10:00 Personal Consumption Expenditures (PCE) Index is estimated at 0.2%
10:00 PCE year-over-year is estimated at 2.3%
10:00 Core PCE index is estimated at 0.3%
10:00 Core PCE year-over-year is estimated at 2.8%
10:00 Pending home sale is estimated to have fallen to 1.8% from 7.4%