After three consecutive days of gains, the S&P 500 is down 29.03 points today

The S&P 500 slides down from 4,048.42 to 4,019.39, losing 29.03 points (0.72%) today.

The S&P 500 is currently trading at 4,019.39 following the release of Fed Chair Powell testimony data from the United States.

Meanwhile, United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.

S&P 500 pushed below the 4,038.27 support level and extended 18.88 points beyond it. The S&P 500 made an initial break below its 3 day Simple Moving Average at 4,029.76, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of 4,026.34 serving as intraday support.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts the S&P 500 to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the S&P 500 is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Dow Jones is down to 33,221, losing 210.65 points, after closing at 33,431 in the preceding trading session. EuroSTOXX is trading around 4,289.66 (down 24.12 points).

Other assets are showing positive performances as ASX 200 added 0.49% to its value, now trading at 7,364.7.

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at -308,000 — worse than previous data of 1.17 million; data will be released tomorrow at 15:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released tomorrow at 15:00 UTC.

The index has been trending lower for about a month. The S&P 500 has managed to gain 6.25% so far this year despite trading at lows around 3,577 previously.