Market outlook for the week starting 19 Feb 2024 - can S&P500 hit new heights?
Market Outlook - 19 Feb 2024
Technical observations of the S&P500 1D chart:
The Stochastic indicator is on an uptrend.
The MACD indicator is showing a downtrend having completed another top crossover.
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.
Exponential Moving Averages (EMA). The 3 EMA lines are moving in a fanned-out pattern, thus implying an uptrend.
From the 1D technical indicators above, there are a total of 22 (Buy), 1 (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 see an uptrend in the coming days. Let us keep an eye out for various macro data, earnings and various Black Swan events.
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