Full steam ahead for the S&P as 5 days uptrend continues

The sentiment that generated 234.62 points in cumulative gains over the past 5 days was further evident for the S&P. This session seems to remain in the same lane for now — after dipping down to 4,070, the S&P 500 regains earlier losses and goes up to 4,102.51.

Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.

Meanwhile, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1.

With regards to technical trend indicators, chart analysis show that 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. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,131.61, thereby suggesting that the S&P 500 is becoming overvalued. Chart analysis suggests the S&P reversed direction at 4,102.53 resistance zone and retreated back 0.017 points below it.

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 having closed the previous session at 7,663, FTSE is up 1.03% today to currently trade at around 7,741.56.

At the same time, KOSPI Composite Index is down to 2,459.23, losing 36 points, after closing at 2,495.21 in the preceding trading session.

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.

The market is looking forward to the release of new data: United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.

The S&P now trading 7.41% above its 3-month low of 3,577.