While the S&P is on a 10 day uptrend Yesterday's session put the brakes on the ongoing uptrend — the S&P 500 recovered back to 4,154.52 after dipping down to 4,134.49, in a session that followed Tuesday's 4,155 close value.

United States Philadelphia Fed Manufacturing Index (Apr) is next.

The S&P 500's state is reflected by market data as United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -4.58 million, falling short of the -1 million projections and continuing its decline from the previous 597,000 figure. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The S&P 500's upper Bollinger Band® is at 4,216.46, suggesting that a downward move may follow. In contrast, the S&P is approaching key support, around 32.07 points away from 4,122.45. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

According to technical indicators, the S&P is positioned for a downward move in the short term.

While the S&P was pretty flat yesterday, mixed performances were seen elsewhere as DAX is down to 15,774, losing 125.82 points, after ending the previous session around 15,900. KOSPI Composite Index is down to 2,563, losing 12 points, after ending the previous session around 2,575.

Data to be released today might clear up some of the market fog as United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for today at 14:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 239,000; data will be released today at 12:30 UTC.

The index has been trending positively for about a month. Having set a significant low of 3,577 6 months ago, the S&P 500 is trading 16.15% higher.