Prior Trading Day Summary:
On Wednesday stocks tried to climb but found ready sellers who took advantage of each jump higher in individual stocks.
By the end of the day the SPX was up a point to close at 5985, unchanged from Tuesday’s close. The Nasdaq closed down 50 points for a second straight day of mild losses. It closed at 19,230.
Let’s review the technical signals from Wed Nov 13 2024 to see what they predict for Thu Nov 14 2024.
Stock Market Outlook: SPX Closing Chart For Tue Nov 12 2024
The index traded below the Upper Bollinger Band and closed just off the lows of the day. This is bearish for Thursday.
The closing candlestick has two shadows, head and tail, which signals we could see a further dip today or we could see a bounce attempt. We could also see both occur.
The 21 day moving average rose and is at 5854. This is bullish.
The 50 day moving average is higher at 5753. This is bullish.
The 100 day moving average is rising and closed at 5635 which is bullish.
The 200 day moving average is in an uptrend and closed at 5393 which is bullish.
The Lower Bollinger Band is below the 50 day moving average which is bullish. The Upper Bollinger Band is moving higher which is bullish as the Bollinger Bands widen which signals a higher move is still ahead for the index.
The S&P chart is a bit bearish for Thursday but there are signs in the chart that point to a potential higher close on Thursday.
SPX Stock Market Outlook review of Wed Nov 13 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 Thu Nov 7 2024. The up signal was unchanged on Wednesday which is still supportive of the rally.
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Ultimate Oscillator: The Ultimate Oscillator is falling and no longer overbought.
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Slow Stochastic: The Slow Stochastic has a down signal in place and is overbought.
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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 slightly which indicates a higher day is possible for Thursday.
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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 Thu Nov 14 2024
For Thursday there are technical signals advising that there could be some dips again today but the selling may be weaker. That would allow the index to close still higher on Thursday.
On Thursday we get the latest Weekly Initial Unemployment Insurance Claims and possibly more important, the latest Producer Price Index. If the PPI is higher than estimated we could see stock have trouble rallying.
Potential Economic and Political Market Moving Events
Monday:
Veterans Day. Bond market is closed.
Tuesday:
6:00 NFIB optimism index rose higher than expected to 93.7 from 91.5
Wednesday:
8:30 Consumer Price Index was unchanged at 0.2%
8:30 CPI year-over-year came in as expected at 2.6%
8:30 Core CPI was unchanged at 0.3%
8:30 Core CPI year-over-year came in as expected at 3.3%
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims are estimated to slip slightly to 220,000
8:30 Producer Price Index is estimated to rise slightly to 0.2%
8:30 Producer Price Index year-over-year is estimated unchanged