Market outlook for the week starting 29May23 ~ does the climb continue?

KYHBKO
2023-05-29

Market Outlook - 29 May 2023

S&P500 1D chart dated 28 May 2023

Technical observations of the S&P500 1D chart:

  • The stochastic indicator is on track to complete a bottom crossover. With that, it could be on an uptrend soon.

  • The MACD indicator is trending sideways and could break either way. 

  • Moving Averages (MA). The MA50 line implies an uptrend in the mid-term. The MA200 line is turning upwards and implies an uptrend in the long term. With the last candle being above both the MA50 line and MA200 lines, this can be interpreted as an uptrend in the mid-term and the long term. Note that the MA200 line is turning horizontal. We need to watch out should the MA200 dip in the coming days. 

  • Exponential Moving Averages (EMA). The lines are on an uptrend and imply an uptrend in the short term.

From the list of technical indicators (1D interval), they are pointing to a “Strong Buy” ie an uptrend. Out of the various technical indicators and moving averages, we have the following:

  • 1 neutral

  • 20 Buy

  • 0 sell

From the technical indicators, the market should be on an uptrend in the coming week. Personally, the market is expecting some volatility due to macro factors like Debt Ceiling and other economic data.

@TigerStars

$S&P 500(.SPX)$

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Comment（3）

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  • delusion梦碎
    ·2023-05-29

    Another 25-50% move on the semi sector ahead??JP Morgan Maintains Overweight on NVIDIA, Raises Price Target to $500

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  • MalcolmEmily
    ·2023-05-29

    Safe Stocks Underperforming. Yes, We’re In A Bull Market.Historically when the S&P500 is outperforming these defensive sectors, it happens in healthy market environments

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  • ColinThorndike
    ·2023-05-29

    Selling off? SPX is up 10 percent and at highs for the year. Lol. Having said that I agree it's going higher.

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