Stock Market Outlook For Tue Aug 1 2023 – Mixed Outlook From The Technical Signals

Day’s Summary

On Monday stocks continued to push slightly higher ending up 6 points. Intraday the S&P reached 4594 before closing at 4588.

The NASDAQ rose 29 points, closing at 14346.

Let’s review the technical indicators from the close on Friday to see if the MACD sell signal might get confirmed.

Stock Market Outlook: SPX Closing Chart For Mon Jul 31 2023

The index closed slightly higher and below the Upper Bollinger Band. It is still rallying above all major moving averages which is bullish.

The closing candlestick on Monday was neutral to mixed but still keeping a slightly bullish bias.

The 21, 50, 100 and 200 day moving averages are continuing to climb which is bullish.

The Lower Bollinger Band continued above the 50 day moving average which is bearish. The Upper Bollinger Band is still rising which is bullish.

Overall the index is still bullish but showing continued signs of being overbought.

Stock Market Outlook review of Mon Jul 31 2023

Stock Market Outlook: Technical Indicators Review

Stock Market Outlook for Tue Aug 1 2023 

For Tuesday the S&P technical indicators are mixed but the MACD down signal remains unconfirmed as of Monday’s close.

The outlook remains higher for the S&P even if only a few points by the close.

Potential Economic and Political Market Moving Events

Tuesday:

9:45 Final US manufacturing PMI

10:00 Job openings

10:00 ISM manufacturing

10:00 Construction spending