S&P500 outlook for week starting 16Sep24
Market Outlook of S&P500 - 16Sep24
Observations:
The MACD indicator is about to complete a top crossover which implies a coming uptrend. However, there is a forming of a “double top” which suggests that a reverse is not far away.
Moving Averages (MA). Both the MA50 line and the MA200 line are on an uptrend. Both MA50 and MA200 lines are below the last candle. Thus, it could be read as bullish for both the mid and the long-term.
The 3 Exponential Moving Averages (EMA) lines have completed their crossover. This implies an uptrend.
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 BUY” based on 1D interval.
Of the 21 technical indicators, 19 indicators show a “Buy” rating and 1 indicator shows a “Sell” rating.
There are some bullish candlestick patterns. Thus, some recovery could also be on the cards.
In my opinion, the S&P500 should start with an uptrend but could peak soon.
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