To The Moon

Market Outlook of S&P500 - 09Sep24

Observations:

• The MACD indicator shows a downtrend.

• Moving Averages (MA). Both the MA50 line and the MA200 line are on an uptrend. The MA 50 line has cut the last candle and remains above the MA 200 line. Thus, it could be read as bullish for the long term. The mid-term may turn bearish soon. At the same time, the MA 50 may turn downwards soon. This is something that we should monitor.

• The 3 Exponential Moving Averages (EMA) lines are converging and the crossover should happen in the coming days, thus, a downtrend is on the cards.

• Chaikin’s Monetary flow (CMF) shows an uptrend but there seems to be more selling volume than buying. Thus, the line may have started to trend downward.

• 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.

From investing dot com, they recommend a “STRONG SELL” based on 1D interval.

Of the 21 technical indicators, 4 indicators are showing a “Buy” rating and 15 indicators are showing a “Sell” rating.

Note that a few indicators are showing oversold. There is some room for recovery too.

There are some bullish candlestick patterns. Thus, some recovery could also be on the cards.

In my opinion, the S&P500 should continue its downtrend in the coming week though some earnings & macro data could add volatility in the market.

@TigerStars

$S&P 500(.SPX)$

$SPDR S&P 500 ETF Trust(SPY)$