S&P500 outlook (24Jun24)
Market Outlook of S&P500 - 24Jun24
Observations:
The MACD indicator is on an uptrend. A double top is forming and we should expect a reversal in the coming days.
Chaikin Money Flow (CMF) has crossed the zero line in the middle which implies an uptrend. Yet, there is a stronger buying momentum than a selling one. Let us monitor the development in the coming days. The CMF could have peaked recently.
Moving Averages (MA). Both the MA50 line and the MA200 line are on an uptrend. The last candle is above both the MA 50 line and the MA 200 line. Thus, it could be read as bullish for the long term and the mid-term.
Exponential Moving Averages (EMA). The 3 EMA lines are on an uptrend.
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.
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