Is the bullish run coming to an end? the S&P 500 closed at 4,100.6 (-0.58%)

Though in the midst of a 4 day uptrend, gaining a total of 6.35%, (268.75 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. The S&P slid down from 4,124.51 to 4,100.6, taking a 23.91 points loss (0.58%)

United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.

While price action maintains a negative bias, United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.

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 4,129.17 which indicates a further downward move may follow. Despite this, the S&P could begin to recover as it approaches significant support, now 20 points away from 4,080.6. Dipping below could be an indication that further losses are ahead.

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, Nikkei is down to 27,800, losing 500 points, after ending the previous session around 28,300. Dow Jones lost 0.59% yesterday and closed at 33,600.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Mar) scheduled to come out today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.

The S&P 500 hit a significant low of 3,577 around 5 months ago, but has since recovered 15.31%.