Daily Market Outlook

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Newsletter's Sample with Market Outlook


Tuesday, April 16, 2024

Market Performance

The broad market ended flat to slightly lower today. The strongest decline was noted on the Russell 2000 (0.42% loss) while DJI gained 0.17%. Of the last 12 sessions, the S&P 500 has closed red 8 times.

The S&P 500's daily volume was 2,082 million shares today, which was lower by 7% than the average daily volume sustained over the past 3 months.

IndexChangeOpenHighLowCloseVolume
(millions)
Adv
/Decl
NYSE Comp.93.13
(0.53)
17,506.9217,506.9217,361.8617,413.893,816506 / 1,245
DJI63.54
(0.17)
37,992.2237,992.2237,713.7037,798.7727711 / 19
S&P 50010.48
(0.21)
5,064.595,079.845,039.835,051.332,082151 / 349
Nasdaq 1006.84
(0.04)
17,691.4417,817.7217,660.8917,713.6669640 / 60

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 a small decline in SBV Oscillator readings on the S&P 500 and on the NASDAQ 100 indexes, advancing readings on the DJI index and a small advance in readings on the Russell 2000 index. The following SBV values were recorded at session's end: minus 46% on the S&P 500, minus 54% on the DJI, minus 47% on the NASDAQ 100 and minus 40% on the Russell 2000. The direction of the SBV oscillator is thus mixed at this time.

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 Russell 2000 indexes and a small decline in readings on the NASDAQ 100 index. Declining SBV readings are bearish. The negative SBV values seen on this chart are also bearish. This chart setting suggests a bearish market sentiment.

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