Market Outlook of S&P500 - 04Nov24 - are the bulls running out of steam?
Market Outlook of S&P500 - 04Nov24
Observations:
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The MACD indicator has started a downtrend following a top crossover.
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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.
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The 3 Exponential Moving Averages (EMA) lines are on an uptrend and are starting to show signs of converging. This demonstrates a potential change in trend. This could be confirmed in the coming days.
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Chaikin’s Monetary flow (CMF) shows a downtrend. This implies more selling momentum than buying. The CMF seems to be moving sideways - applying similar momentum by both buyers and sellers.
From Investing dot com, the daily technical indicators are showing a “SELL” rating. 7 indicators show a “BUY” rating and 12 indicators show a “SELL” rating.
From the candlestick patterns, there seems to be a good mix of both bullish and bearish candlestick patterns. From the most recent candlestick patterns, there seem to be more bullish patterns.
From the above, the market should be going on a downtrend in the coming days.
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