Daily Market Outlook

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Newsletter's Sample with Market Outlook


Wednesday, May 1, 2024

Market Performance

The broad market ended flat to slightly lower today. The strongest decline was noted on the NASDAQ 100 (0.70% loss) while Russell 2000 gained 0.32%.

The S&P 500's daily volume was 2,564 million shares today, which was higher by 17% than the average daily volume sustained over the past 3 months.

IndexChangeOpenHighLowCloseVolume
(millions)
Adv
/Decl
NYSE Comp.27.72
(0.16)
17,603.3317,778.2217,539.7917,575.614,149975 / 784
DJI86.10
(0.23)
37,845.5538,349.2037,780.5437,901.6229514 / 16
S&P 50017.28
(0.34)
5,029.025,096.125,013.455,018.362,564234 / 262
Nasdaq 100122.14
(0.70)
17,382.7717,667.8617,284.3617,318.5599946 / 54

Short-Term Market Outlook

5-day charts (1 bar = 5 minutes) with a 20-period SBV are showing declining SBV oscillator readings at session's end. Negative money flow on this chart would suggest the possibility of negative trading tomorrow after the market open. 15-day charts (1 bar = 15 minutes) with a SBV(16) are showing negative money flow (declining SBV) as well, thus confirming 5-day chart's outlook. However, 30-day charts (1 bar = 30 minutes) are showing advancing SBV reading at this moment. However, the most recent bullish volume accumulation would favor bears as well. Still, further SBV advance on 30-day charts would indicater increased pressure of bulls and increased odds of bullish trading.

Longer-Term Market Outlook

60-day charts with a 20-period SBV are now showing advancing SBV oscillator readings. The following SBV values were recorded at session's end: minus 38% on the S&P 500, minus 32% on the DJI, minus 48% on the NASDAQ 100 and minus 6% on the Russell 2000. Advancing SBV readings are bullish and suggest the possibility of a up-move; however, SBV values are currently still at low, negative levels which makes the suggestion of a market recovery premature.

1.5-year charts with a 10-period SBV are showing declining SBV Oscillator readings on the S&P 500, on the DJI and on the NASDAQ 100 indexes and flat readings on the Russell 2000 index. Declining SBV readings are bearish. This chart setting suggests a bearish market sentiment.

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