Though in the midst of a 7 day uptrend, gaining a total of 6.13%, (253.18 points), The prevailing bullish trend is beginning to fade following today's downbeat session. Bearish sentiment ensured the S&P finished today's session lower. However, despite the downward bias, the S&P 500 etched out a distinct 4,087 to 4,134.37 session range.

The S&P is currently trading at 4,092 following the release of FOMC Meeting Minutes data from the United States.

On the flip side, data for United States Crude Oil Inventories published today at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million.

Meanwhile, United States Consumer Price Index released today at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.

S&P 500 made an initial break below its 5 day Simple Moving Average at 4,091.19, a possible indication of a forthcoming negative trend. The S&P 500's upper Bollinger Band® is at 4,156.23 which indicates a further downward move may follow. On the other hand, note that the S&P could begin to recover as it approaches significant support, now 7.34 points away from 4,084.61. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the S&P.

In the meantime, negative performances are also seen in other markets, Hang Seng lost 0.86% today and closed at 20,500.

Positive performances can be seen by looking at other markets as FTSE went up by 0.5% today, and closed at 7,825.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 232,000 while previous data was 228,000; data will be released tomorrow at 12:30 UTC.

In addition, United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published tomorrow at 12:30 UTC.

The index has been trending positively for about 30 days. The S&P 500 is up 14.87% from the significant low of 3,577 it hit 5 months ago.