Is the bullish run coming to an end? the S&P closed at 4,365.69 (-0.52%)

Though in the midst of a 9 day uptrend, gaining a total of 7.5%, (327.49 points), The prevailing bullish trend is beginning to fade following today's downbeat session. The S&P 500 dipped as low as 4,360 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (4,380) with the S&P 500 closing the day at 4,365.69.

The S&P 500 is currently trading at 4,365.69 following the release of Fed Chair Powell testimony data from the United States.

Meanwhile, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -1.25 million, while the previous figure was 1 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.

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 500's upper Bollinger Band® is at 4,360.43 which indicates a further downward move may follow. Despite this, the S&P 500 could begin to recover as it approaches significant support, now 4.92 points away from 4,370.61. 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, after ending today's session at 19,600, Hang Seng lost 381.65 points and is trading around 19,218. KOSPI Composite Index lost 0.86% today and closed at 2,605.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.

Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Existing Home Sales (May) is expected 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 500 as it added 13.82% compared to its 3-month low of 3,577.