Prior Trading Day Summary:
Monday was another day of choppy trading. The S&P broke above 6000 but closed below it at 5987, up 18 points. The NASDAQ closed up 51 points to 19,054.
What was interesting on Monday was the volumes with the S&P trading 5.8 billion shares and 454 stocks making new 52 week highs. A full 73% of all stocks were rising. The NASDAQ traded 8.2 billion shares with 562 new 52 week highs. 66% of all stocks were rising. This helped to push more of the market into a broader bullish stance.
Let reviews the closing technical signals from Mon Nov 25 2024 to see what to expect for Tue Nov 26 2024.
Stock Market Outlook: SPX Closing Chart For Mon Nov 25 2024
The index pushed higher above he 21 day moving average. This is bullish.
The closing candlestick has long shadows which indicates a dip is likely on Tuesday but the outlook is still bullish.
The 21 day moving average is higher at 5891. This is bullish.
The 50 day moving average is higher at 5817. This is bullish.
The 100 day moving average is rising and closed at 5679 which is bullish.
The 200 day moving average is in an uptrend and closed at 5435 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 Tuesday but signaling dips are likely.
SPX Stock Market Outlook review of Mon Nov 25 2024
Stock Market Outlook: Technical Indicators Review
Momentum: Momentum is rising and negative.
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MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued a down signal on Mon Nov 18 2024. A new unconfirmed up signal was issued today at the close. The histogram is also positive.
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Ultimate Oscillator: The Ultimate Oscillator is overbought and falling.
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Slow Stochastic: The Slow Stochastic has an up signal.
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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 Tuesday.
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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 Tue Nov 26 2024
For Tuesday the indexes are poised to dip. Strength though remains with the bulls so today any dips are opportunities to enter trades at lower levels.
At 2:00 we get the November FOMC meeting minutes but nothing new is expected. Therefore it is not expected the market will react when the minutes are released.
Overall the outlook remains bullish as the rally widened on Monday. For Tuesday, some of the market is overbought and dips are probable but the close could be higher. Even if the close is lower, the outlook heavily favors the bulls.
Potential Economic and Political Market Moving Events
Monday:
No economic reports
Tuesday:
9:00 Case-Shiller home price index is estimate to dip to 4.8% from 5.2% prior
10:00 Consumer confidence is expected to rise to 111.0 from 108.7
10:00 New Home sales are estimated to fall to 725,000 from 738,000
2:00 FOMC November meeting minutes