US Market Outlook as at May 24, 2019

DJIA has made a temporary top and turned mildly bearish based on the following:

1) 20-day SMA line has crossed below the 50-day SMA line,

2) MACD has gone below the zero line, and

3) -DMI is above the +DMI coupled with ADX above the 20-mark. 

 

Chart 1: DJIA's daily chart as at May 24, 2019 (Source: Stockcharts.com)

Nasdaq & S&P500 indices are also turning bearish though their 20-day SMA lines have yet to cut below the 50-day SMA lines.

Chart 2: Nasdaq's daily chart as at May 24, 2019 (Source: Stockcharts.com)


Chart 3: S&P500's daily chart as at May 24, 2019 (Source: Stockcharts.com)

Watch out for US markets this week!