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May 30, 2023US equity indices are closed for the Memorial Day holiday and resume today. Meanwhile, here is a recap of Friday: with a daily low of 4,156, the S&P closed Friday at 4,205.45, after ending Thursday at 4,151.28 and gaining 54.17 points (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, the S&P's upper Bollinger Band® is at 4,268.48, this is a slight indication of a slowdown. Support/Resistance levels obtained from chart analysis indicate that the S&P 500 reversed direction at 4,210 resistance zone and retreated back 4.41 points below it.
Notwithstanding the S&P 500's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Nasdaq increases 2.19% Friday and closed at 12,700. Dow Jones improves 1% Friday and closed at 32,765. FTSE goes up 0.74% Friday and closed at 7,571.
Furthermore, the market is looking at projections for United States Consumer Confidence are set for a continuation of decline with 99 while previous data was 101.3; data will be released today at 14:00 UTC.
Also worthy of note, United States JOLTs Job Openings (Apr) is scheduled for tomorrow at 14:00 UTC.
The index has been trending positively for about 2 months. The S&P 500 hit a significant low of 3,577 around 7 months ago, but has since recovered 16.05%.
