Market Outlook for S&P500 - week starting 04 Dec 2023
Market Outlook - 04 Dec 2023
Technical observations of the S&P500 1D chart:
The Stochastic indicator has completed a top crossover and should start a downtrend soon.
The MACD indicator is on an uptrend with a top crossover setup.
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. As the 2 lines move closer, there is a chance of forming a death cross - typically, a bearish indicator. This could take weeks before this death cross is formed and changes are possible.
Exponential Moving Averages (EMA). All 3 EMA lines are moving upwards and thus, implying an uptrend.
From the 1D technical indicators above, there are a total of 21 (Buy), 0 (Sell) and 0 (Neutral). Investing recommends the “STRONG BUY” recommendation based on the technical indicators above (1D chart for S&P500).
From the data above, the market should continue to rally into the coming week. Note that a few indicators show “overbought” for the S&P500.
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