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May 08, 2023A quick look at today: the S&P 500 was steady today maintaining a 4,123.81 – 4,142.3 range before closing at 4,138.
S&P 500 made an initial break below its 10 day Simple Moving Average at 4,134.56, a possible indication of a forthcoming negative trend. On the other hand, note that the S&P 500 is approaching key support, around 39.81 points away from 4,098.31. 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.
Despite the market lacking direction, technical chart analysis strongly suggests the S&P is positioned for a downward move in the near term.
While the S&P 500 was pretty flat today, mixed performances were seen elsewhere as FTSE goes up 0.98% today and closed at 7,702.64. ASX 200 climbs 0.78% today and closed at 7,220. Hang Seng went up by 1.24% today, and closed at 20,300.
Data to be released tomorrow might clear up some of the market fog as United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.
The index has been trending positively for about a month. The S&P 500 hit a significant low of 3,577 around 6 months ago, but has since recovered 15.63%.
