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HomeBusinessWeekend Inventory Market Outlook – September 24 2023 Acquire US

Weekend Inventory Market Outlook – September 24 2023 Acquire US

Inventory Market Outlook coming into the Week of September twenty fourth = Downtrend

  • ADX Directional Indicators: Downtrend
  • Value & Quantity Alerts: Downtrend
  • Elliott Wave Evaluation: Combined

ANALYSIS
The inventory market outlook kicks off autumn in a downtrend.

The S&P500 ($SPX) fell 2.9% final week.  As of Friday’s shut, the index was ~3.5% beneath the 50-day shifting common, and ~3% above the 200 day shifting common.

SPX Value & Quantity Chart for the Week of Sept 24 2023

The ADX directional indicators made a bearish cross-over final Monday, re-shifting the sign again to an downtrend. Extra institutional promoting final week confirms the downtrend for worth/quantity alerts.

Technical analysis of daily SPX prices

SPX Elliott Wave Evaluation for the Week of Sept 24 2023 – Bearish View

No change in Elliott Wave evaluation.  Final week’s draw back threat callout was prescient, because the SPX sliced by means of the short-term help degree at 4430 and producing a bearish crossover within the MACD.   The market enters the week proper on the subsequent resistance degree (4330), with the oversold RSI(5) suggesting a bullish bounce.  Close to-term resistance is now on the prior help (4430).

COMMENTARY
The FOMC determined to take care of rates of interest at their current ranges, reiterating the “increased for longer” message and leaving the door open for future hikes.  The U.S. treasury market elevated yields by itself to compensate (2 12 months by means of the 30 12 months).

The shutdown showdown continues within the U.S., because the legislative department of presidency showcases its lack of ability to carry out fundamental capabilities like funding itself.  Look ahead to indicators of U.S. Treasury intervention, which might be used to mitigate short-term market strikes.

The United Auto Employees union expanded its labor strike in opposition to U.S. automakers.  Whereas the financial affect has been comparatively small to date, work stoppages slowly ripple by means of automotive provide chains (i.e. smaller suppliers), creating injury that lasts nicely after agreements are reached.

This week brings with it some attention-grabbing occasions, when it comes to cash flows. It’s the final week in September, that means each month and quarter finish for equities; an necessary date for funds that measure efficiency in year-to-date phrases. It’s additionally year-end for some mutual funds, which can drive some revenue taking as a result of unsure financial outlook. And we’re coming into the black-out interval, forward of Q3 earnings, when corporations should not allowed to buy-back their inventory.

Final however not least, August PCE information is launched Friday pre-market.

Greatest to Your Week!

P.S. Should you discover this analysis useful, please inform a buddy.
Should you don’t, inform an enemy.

Sources: Bloomberg, CNBC, Federal Reserve Financial institution of St. Louis, Hedgeye, Stockcharts.com, U.S. Bureau of Financial Evaluation, U.S. Bureau of Labor Statistics

Make investments Safely, LLC is an unbiased funding analysis and on-line monetary media firm.  Use of Make investments Safely, LLC and every other merchandise obtainable by means of invest-safely.com is topic to our Phrases of Service and Privateness Coverage.
Not a suggestion to purchase or promote any safety.

#Weekend #Inventory #Market #Outlook #September

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