S&P 500 - Fear & Greed Index Analysis
$S&P 500(.SPX)$ - Fear & Greed Index Analysis
While the index is overbought according to technical indicators like the Bollinger Bands and RSI, the Fear & Greed Index shows that market sentiment has not yet reached the extreme levels of greed seen before previous pullbacks (circled areas).
This suggests the odds of a major correction are low. For this reason, my recent charts have forecasted a shallow or "buyable" pullback—specifically, a test of the 20-day moving average for the SPX, and a touch-and-bounce off the volume shelves for $NVIDIA(NVDA)$ and $Invesco QQQ(QQQ)$ .
Looking ahead, the prospect of interest rate cuts should continue to fuel the market. Even if we see some consolidation next week, this bull market still has room for further upside.
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