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May 22, 2023Though in the midst of a 5 day uptrend, gaining a total of 3.22%, (136.83 points), The prevailing bullish trend is beginning to fade following Friday's downbeat session. Bearish sentiment ensured the S&P 500 finished Friday's session lower. However, despite the downward bias, the S&P 500 etched out a distinct 4,180.2 to 4,213 session range.
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 4,266.33 which indicates a further downward move may follow. In contrast, the S&P 500 could begin to recover as it approaches significant support, now 14.83 points away from 4,177. 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 Nikkei went up by 0.9% Friday, and closed at 31,100. Hang Seng is trading around 19,678 after ending Friday's session at 19,451 (up 1.17% today).
Furthermore, United States New Home Sales (Apr) will be released tomorrow at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States Building Permits is expected tomorrow at 12:00 UTC.
The index has been trending positively for about 2 months. 7 months ago, the S&P fell to a low of 3,577 but has since recovered 17.36%.
