What 21 indicators and candlesticks tell us about S&P500 for the week starting 02Sep2024?

KYHBKO
09-01

Market Outlook of S&P500 - 02Sep24

Observations:

  • The MACD indicator shows an uptrend. There should be a top crossover soon.

  • 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 above the MA 200 line. Thus, it could be read as bullish for the long & mid-term.

  • The 3 Exponential Moving Averages (EMA) lines are on an uptrend.

  • Chaikin’s Monetary flow (CMF) shows an uptrend. This implies more buying than selling.

  • 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 dot com has a “strong-buy” rating for the S&P500 based on daily intervals.

Of the 21 technical indicators, all 21 indicators are showing a “Buy” rating.

From the candlestick patterns, we have a mix of indicators though the 1W timeframe caught the “Three White Soldiers” pattern on 18 Aug 2024, which is a typically bullish indicator.

In my opinion, the S&P500 should continue its uptrend in the coming week though some earnings & macro data could add volatility in the market. The S&P500 could be losing momentum and we can look at the volume for reference.

@TigerStars

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  • BillyWilliams
    ·09-02
    TOP
    Sounds like the S&P500 is showing some positive signs for the upcoming week.
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    • KYHBKO: 
      looks to be a good week. but Mr Market may have other ideas.
      09-03
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  • WernerBilly
    ·09-02
    TOP
    Sounds like the S&P500 is showing positive signals for the upcoming week.
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    • KYHBKO: 
      good to be cautious amidst the bullish sentiments.
      09-03
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