Week's Outlook for S&P500 (17Jun24)

KYHBKO
06-15

Market Outlook of S&P500 - 17Jun24

Observations:

  • The MACD indicator is on an uptrend. A double top is forming and we should expect a reversal in the coming days.

  • Chaikin Money Flow (CMF) has crossed the zero line in the middle which implies an uptrend. Yet, there is a stronger buying momentum than a selling one. Let us monitor the development in the coming days. This should peak in the coming days.

  • 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.

  • Exponential Moving Averages (EMA). The 3 EMA lines are on 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.

Based on the 1D interval, Investing has recommended a “Strong Buy” rating. There are a total of 20 technical indicators that point to a “Buy” status and there are none for a “Sell” status.

From the data above, we can expect the S&P500 index to continue its uptrend. A “Double Top” is forming and this implies a coming reversal. Let us monitor this closely.

@TigerStars

$S&P 500(.SPX)$

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

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Comments

  • fuzzyoo
    06-17
    fuzzyoo
    Perfect analysis! Let's keep an eye on the double top formation. [Great]
    • KYHBKO: 
      thanks for your kind words
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