S&P500 outlook for the coming week (03Jun24) - using 20+ technical indicators

Market Outlook of S&P500 - 03Jun24

Observations:

• The MACD indicator has completed a top crossover and we should expect the down trend to continue.

• Chaikin Money Flow (CMF) has crossed the zero line in the middle which implies an uptrend. There is more buying volume than selling. For the index to drop, the selling volume needs to be more than the buying volume.

• 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 the mid-term. With the current trend, the candle should cut the MA 50 line soon.

• Exponential Moving Averages (EMA). The 3 EMA lines are on an uptrend. The lines are converging and should do so in the coming days.

• 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 the technical indicators above, investing has recommended a “Strong Buy”. There are 16 indicators showing a “BUY” rating and 6 showing a “SELL” rating.

From the technical indicators above, I am expecting the downtrend to continue into the coming week. The CMF indicator needs to trend downward before we confirm a downtrend, supported with a selling momentum.

@TigerStars

$SPDR S&P 500 ETF Trust(SPY)$

$S&P 500(.SPX)$