Market outlook of S&P500 for week starting 11Mar2024 - More records?

Market Outlook of S&P500 - 11 Mar 2024

Technical observations of the S&P500 1D chart:

• The MACD indicator is showing a downtrend having completed another top crossover.

• Chaikin Money Flow advises an uptrend though the momentum is thinning.

• Moving Averages (MA). Both the MA50 line and the MA200 line are on an uptrend. The last candle is above both the MA 50 line and the MA 200 line. Thus, it could be read as bullish for the long-term and mid-term.

• Exponential Moving Averages (EMA). The 3 EMA lines are moving in a fanned-out pattern, thus implying an uptrend.

• I have replaced Stochastic with CMF to incorporate consideration of volume. Stochastic and MACD are similar with Stochastic being “more active” and more capable for “false” signals.

From investing, it recommends a “Strong Buy” for S&P500 (based on 1D chart).

From the 23 technical indicators and moving averages, a “Strong Buy” rating was suggested. This comprised of indicators showing 21 (Buy), 1 (Neutral) and 1 (Sell).

From the technical indicators, only Stochastic is indicating a “Sell” action and ADX is “neutral”.

All the moving average indicators (1D chart) show a “buy” rating.

Despite the above, we should be mindful that MACD has indicated a downtrend as the current run is losing momentum. So, there should be some correction though it is still possible to range sideways. The coming CPI index update is expected to cause some volatility in the market.

@TigerStars

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