| 
June 23, 2023The sentiment that generated 304.47 points in cumulative gains over the past 10 days was further evident for the S&P. Yesterday's session pointed in the same direction — the S&P closed yesterday at 4,382 (with a daily low of 4,351.82) after ending Wednesday at 4,365.69 and gaining 0.37%.
United States Services PMI is next today at 13:45 UTC.
Nevertheless, United States Crude Oil Inventories published yesterday at 15:00 UTC came out at -3.83 million, falling short of the 329,000 projections and continuing its decline from the previous 7.92 million figure. United States Initial Jobless Claims fell short of the 260,000 projections, with new data of 264,000.
Meanwhile, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
S&P 500 could be slowing down soon as it approaches resistance at 4,392. Of course, crossing it might suggest further gains are ahead. 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,392.84, thereby suggesting that the S&P is becoming overvalued.
Technical analysis of the S&P 500 price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Meanwhile, ASX 200 drops 1.34% yesterday and closed at 7,195.5. Hang Seng goes down 1.71% yesterday and closed at 19,218.
The market is looking forward to the release of new data: United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
The index has been trending positively for about 3 months. Over the past 3 days, the S&P 500 has retreated 0.53% from a noteworthy peak of 4,388.8.
