Losing streak continues, the S&P lost 7.59 points to 3,989.75 adding to its four consecutive days of drops

The S&P 500 ended yesterday's trading session by losing 0.19% and is now trading at 3,989.75.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. Bollinger Bands® shows an indication of recovery: the lower band is at 3,984.82, a low enough level to, generally, suggest that the S&P is trading below its fair value.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the S&P is set to appreciate despite today's setback.

In the meantime, negative performances are also seen in other markets, KOSPI Composite Index closed at 2,417.68 (down 1.68%). After ending yesterday's session at 27,473, Nikkei lost 373.1 points and is trading around 27,100. After ending yesterday's session at 7,977.75, FTSE lost 69.13 points and is trading around 7,908.62.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.

Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.

The S&P 500 has gained 4.53% since its lowest print of 3,577 earlier this year.