To The Moon

Market Outlook of S&P500 - 08Jul24

Observations:

• The MACD indicator has completed a bullish top crossover that implies a possible “bull” run.

• Chaikin Money Flow (CMF) is above the zero line in the middle which implies an uptrend. CMF seems to be moving sideways which implies buying and selling cancelling each other out. This remains in the bullish region.

• 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.

S&P500 continues a strong uptrend coming into this week. Technically, it looks to be a “strong buy”.

Using 21 technical indicators, they largely point to a “Strong Buy” with 18 showing a “buy” rating and none showing a “sell” rating.

However, there are 6 indicators showing “overbought” which implies a coming reversal.

In my opinion, the S&P500 should remain in a “short” uptrend. Let us monitor for now.

@TigerStars

$S&P 500(.SPX)$