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April 15, 2023
Though in the midst of a 9 day uptrend, gaining a total of 7.31%, (290.46 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. The S&P 500 ended the session around the 4,137.64 level today, after Thursday's 8.58 points decline and close at 4,146.22.
Following a previous reading of 0%, Core Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -0.8%. Following a previous reading of -0.2%, Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%.
While price action maintains a negative bias, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
S&P 500 made an initial break below its 3 day Simple Moving Average at 4,120, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. The S&P 500's upper Bollinger Band® is at 4,197.37 which indicates a further downward move may follow. On the other hand, note that the S&P 500 could begin to recover as it approaches significant support, now 24.81 points away from 4,112.83. 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.
Other assets are showing positive performances as notably, Nikkei rose 1.2% yesterday and closed at 28,157. ASX 200 is trading around 7,361.6 after ending yesterday's session at 7,324 (up 0.51% today).
The index has been trending positively for about a month. 6 months ago, the S&P fell to a low of 3,577 but has since recovered 15.91%.
