Muted session threatens to disturb the S&P 500's ongoing uptrend

While the S&P 500 is on a 12 day bullish trend, Today's session put the brakes on the ongoing uptrend — the S&P recovered back to 4,137 after dipping down to 4,117.77, in a session that followed Friday's 4,133.52 close value.

Technical analysis trend indicators suggest that S&P 500 made an initial breakout above its 5 day Simple Moving Average at 4,140.34, a potential indicator of a newly emerging bullish phase. Analysis of the S&P's recent price action suggests the S&P 500 bounced after reaching the 4,119 support zone, climbing 18.13 points above it.

Notwithstanding the S&P's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

While the S&P was pretty flat today, mixed performances were seen elsewhere as KOSPI Composite Index decreases 0.82% today and closed at 2,544.4. Hang Seng is down to 19,960, losing 115.79 points, after ending the previous session around 20,076.

Data to be released tomorrow might clear up some of the market fog as United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC. United States Consumer Confidence expected to decline to 104 while its preceding data was 104.2, data will be available tomorrow at 14:00 UTC.

The index has been trending positively for about a month. Having set a significant low of 3,577 6 months ago, the S&P is trading 15.56% higher.