Market Outlook of S&P500 - 23Sep24 > why are all technical indicators point to a ... ... ?
Market Outlook of S&P500 - 23Sep24
Observations:
The MACD indicator has completed a top crossover which implies an uptrend. Let us look out for 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. The line has started to trend downward. There is a chance that the majority of bulls may lose their energy in the coming days.
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. 21 indicators point to a “BUY” rating and there are no indicators with a “SELL” rating.
There are more bullish candlestick patterns than bearish ones.
In my opinion, the S&P500 should start with an uptrend but could peak soon.
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