S&P500 outlook for coming week (01Jul24)

KYHBKO
06-30

Market Outlook of S&P500 - 01Jul24

S&P500 1 year chart as of 29Jun24

Observations:

  • The MACD indicator has completed a top crossover and we should expect a downtrend.

  • Chaikin Money Flow (CMF) is above the zero line in the middle which implies an uptrend. Yet, there is a stronger selling momentum than a buying one.

  • 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.

S&P500 continues a strong uptrend coming into this week. Technically, it looks to be a “strong buy”.

Using 21 technical indicators, they largely point to a “Strong Buy” with 17 showing a “buy” rating and "4 showing a “sell” rating.

In my opinion, the S&P500 should hit a downtrend soon though it is possible to range sideways for a while. Q2 earnings season will start and it should be interesting for the market.

@TigerStars

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Comments

  • JessieTheresa
    07-01
    JessieTheresa
    Great analysis
    • KYHBKO: 
      thank you for your kind words.  wishing you a great week ahead.
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