Bullish session ends with 0.36% gain for the S&P as 6 days uptrend continues

The S&P continues a 6 day surge, reaping a total of 6.46%. Thursday's session pointed in the same direction — the S&P 500 ended Wednesday at 4,090.38. Thursday it went up to 4,107.32 only to drop back, yet still managed to close at 4,105.

Technical analysis shows that S&P 500 could be slowing down soon as it approaches resistance at 4,118.28. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that the S&P 500 made an initial breakout above its 3 day Simple Moving Average at 4,080.6, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,145.43, thereby suggesting that the S&P 500 is becoming overvalued.

Overall, while the S&P 500 has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Other markets are also showing gains as FTSE went up by 1.03% Thursday, and closed at 7,741.56. KOSPI Composite Index is trading around 2,490.41 after ending Thursday's session at 2,459.23 (up 1.27% today).

After hitting an important low of 3,577 approximately 5 months ago, the S&P has bounced back 14.35% since.