Outlook of S&P500 (13May24) - over 20 indicators used. will the rally continue?

KYHBKO
05-11

Market Outlook of S&P500 - 13May24

1D chart for S&P500 dated 11 May 2024 (SGT)

Observations:

  • The MACD indicator is on an uptrend.

  • Chaikin Money Flow (CMF) has crossed the zero line in the middle which implies 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 bearish for the mid-term.

  • Exponential Moving Averages (EMA). The 3 EMA lines have converged and started 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.

Using a daily interval chart, Investing is recommending a “Strong Buy” rating. From the 20 technical indicators, there are 20 showing a “buy” rating and 0 with a “Sell” rating.

Though there are several “overbought” indicators, 20 technical indicators are pointing to a buy rating.

Based on the technical indicators, we should expect an uptrend in the coming days. Let us remember that economic data such as CPI and other external factors can also affect the market.

@TigerStars

# Rate Cut Delay: Will S&P Drop Below 5000?

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Comment（3）

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  • glintzi
    ·05-11
    Appreciate the detailed explanation and use of indicators.
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  • Taurus Pink
    ·05-12
    [龇牙] [龇牙]
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  • KSR
    ·05-13
    👍
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