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June 11, 2023
Having gone up 232.71 points over the past 8 days, The S&P lived up to expectations Friday by maintaining its set course — after ending Thursday at 4,294, the S&P 500 spiked to 4,322.62 Friday, dropped back to starting point range, and rallied again to 4,299.
S&P 500 price action is currently oscillating around the 4,317 resistance level with prices moving above and below several times during the session. 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's upper Bollinger Band® is at 4,304, this is a slight indication of a slowdown.
Technical analysis of the S&P price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as Nikkei went up by 1.97% Friday, and closed at 32,265. KOSPI Composite Index went up by 1.16% Friday, and closed at 2,641.
The index has been trending positively for about 2 months. The S&P 500 now trading 11.34% above its 3-month low of 3,577.
