Market Outlook (11 Dec 2023) - 21 indicators point to strong buy for S&P500?
Market Outlook - 11 Dec 2023
Technical observations of the S&P500 1D chart:
The Stochastic indicator has completed a top crossover and could range sideways. The latest crossover is indicating an uptrend.
The MACD indicator is on an uptrend with a top crossover setup. This setup could range sideways but we can anticipate an eventual downtrend 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 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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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Buy buy buy