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February 24, 2023
The S&P 500 is down to 3,945.49, after ending yesterday at 4,012.32. Overall, a 1.67% loss or 66.83 points today.
The S&P 500 is currently trading at 3,945.49 following the release of New Home Sales (Jan) data from the United States.
Nonetheless, encouraging indicators for the S&P 500 published earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million.
Amid the market gloom, United States New Home Sales (Jan) came out at 670,000, while a consensus of analysts was expecting 620,000. United States Core PCE Price Index (MoM) (Jan) released today at 13:30 UTC with a figure of 0.6, while the previous figure was 0.4.
S&P 500 has just crossed the lower Bollinger Band® at 3,961.63, indicating further losses could be forthcoming. On the other hand, note that the MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for the S&P 500.
In the meantime, negative performances are also seen in other markets, Dow Jones dips 1.45% to trade around 32,672. After ending yesterday's session at 7,317.43, CAC lost 111 points and is trading around 7,206.43. DAX is down 242.28 points from the beginning of the session and now trades around 15,233.
The S&P has managed to gain 4.92% so far this year despite trading at lows around 3,577 previously.
