S&P500 outlook as of 10Jun24 - are we seeing a double top?
Market Outlook of S&P500 - 10Jun24
Observations:
The MACD indicator is on an uptrend. A top crossover is forming and we should see a reversal soon. A double top is forming and we should expect a reversal soon.
Chaikin Money Flow (CMF) has crossed the zero line in the middle which implies an uptrend. Yet, there buying momentum seems to be changing to a selling one. Let us monitor the development 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 the mid-term.
Exponential Moving Averages (EMA). The 3 EMA lines are on 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.
Investing is recommending a strong buy for S&P with a total of 22 indicators showing a “Buy” rating and none with a “Sell” rating.
From the data above, the uptrend of the S&P500 likely continue in the coming week.
There is a setup for a double top (a typically bearish indicator). Thus, we can expect a reversal coming up soon. The CPI data is likely to bring volatility into the market.
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