| 
March 04, 2023
Yesterday at a glance: the S&P 500 went up to 4,045.64 yesterday, gaining 1.61%.
At the same time, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
S&P 500 made an initial breakout above its 10 day Simple Moving Average at 4,002.54, a potential indicator of a newly emerging bullish phase. The S&P 500 formed a session range of 3,995.17 to 4,048.29 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of 4,026.34. Despite this, the S&P could be slowing down soon as it approaches resistance at 4,064.23. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the S&P might continue pointing upwards in the short term.
The S&P shows positive signs, other assets are also on par: Nikkei is trading around 27,927 after ending yesterday's session at 27,500 (up 1.56% today). Nasdaq is trading around 11,700 after ending yesterday's session at 11,463 (up 1.97% today). DAX increases 1.64% yesterday and closed at 15,328.
The index has been trending lower for about 29 days. The S&P 500 has managed to gain 5.89% so far this year despite trading at lows around 3,577 previously.
