Market outlook (26 Feb 2024) - S&P500 using 22 technical indicators
Market Outlook - 26 Feb 2024
Technical observations of the S&P500 1D chart:
The MACD indicator is showing an uptrend having completed another top crossover.
Chaikin Money Flow advises an uptrend.
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.
I have replaced Stochastic with CMF as I wish to incorporate consideration of volume. Stochastic and MACD are similar with Stochastic being “more active” and more capable for “false” signals.
From the 1D technical indicators above, there are a total of 22 (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 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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