Risk-on mood pushes the S&P 500 1.3% higher

Friday at a glance: the S&P 500 went up to 4,205.45 Friday, gaining 1.3%.

Trend analysis indicates that S&P 500 made an initial breakout above its 3 day Simple Moving Average at 4,183, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 4,169.48 by around 35.97 points with prices hammering out a 4,156 – 4,213 session range. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,268.48, thereby suggesting that the S&P 500 is becoming overvalued. Chart analysis indicates the S&P reversed direction at 4,210 resistance zone and retreated back 4.41 points below it.

Overall, while the S&P 500 has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

The S&P shows positive signs, other assets are also on par: Nasdaq increases 2.19% Friday and closed at 12,700. Notably, CAC rose 1.24% Friday and closed at 7,229.27.

Meanwhile, Hang Seng dips 1.93% Friday and closed at 19,100.

The index has been trending positively for about 2 months. The S&P hit a significant low of 3,577 around 7 months ago, but has since recovered 16.05%.