Is the bullish run coming to an end? the S&P 500 closed at 4,409.59 (-0.37%)

Though in the midst of an 8 day uptrend, gaining a total of 8.58%, (364.62 points), Yesterday's session suggests run might be coming to an end — the S&P stumbles 0.37% to close at 4,409.59 yesterday.

United States Building Permits (May) is next today at 12:30 UTC.

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. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In the S&P 500's case, the RSI has fallen below 30, indicating the asset is oversold. The S&P 500's upper Bollinger Band® is at 4,336.59 which indicates a further downward move may follow.

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, after ending yesterday's session at 19,900, Hang Seng lost 300 points and is trading around 19,600.

Positive performances can be seen by looking at other markets as ASX 200 went up by 0.86% yesterday, and closed at 7,357.8.

Furthermore, United States Building Permits (May) is expected today at 12:30 UTC. United States Fed Chair Powell testimony will be released tomorrow at 14:00 UTC. United States Fed Governor Jefferson testimony is scheduled tomorrow at 14:00 UTC.

The index has been trending positively for about 3 months. The past 3 months have been positive for the S&P as it added 11.13% compared to its 3-month low of 3,577.