Market Outlook of S&P500 - 07Oct24 - 22 indicators point to a ... ...
Market Outlook of S&P500 - 07Oct24
Observations:
The MACD indicator has completed a top crossover. We should expect a downtrend in the coming days.
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 are on an uptrend.
Chaikin’s Monetary flow (CMF) shows an uptrend. This implies a growing buying momentum.
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.
22 indicators point to a “BUY” rating and there are zero indicators with a “SELL” rating.
From the above, the technical indicators are pointing to more buying in the coming week.
There are more bearish candlestick patterns than bullish ones.
In my opinion, the S&P500 should start a downtrend soon. The earnings and macro news can play a part to influence the market. The outlook of the companies reporting the earnings can be more significant than the earnings themselves.
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