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June 02, 2023
A quick look at yesterday: the S&P 500 went up to 4,221 yesterday, gaining 0.99%.
United States Average Hourly Earnings data will be released today at 12:30 UTC, with an expected decline to 0.4%.
Uptick comes while some more positive signs for the S&P are out as data for United States Crude Oil Inventories published yesterday at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. Data for United States Initial Jobless Claims released yesterday at 12:30 UTC is better than expected with 232,000, but worse than previous figure of 230,000.
Meanwhile, United States ISM Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.
Trend-focused traders would be interested to note 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. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,271.22, thereby suggesting that the S&P is becoming overvalued. Technical chart analysis shows the S&P 500 broke through the 4,210 resistance and climbed above it 11.16 points; next resistance level is at 4,227.74.
Notwithstanding the S&P's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Hang Seng is trading around 18,883 after ending yesterday's session at 18,217 (up 3.66% today). KOSPI Composite Index is trading around 2,594.72 after ending yesterday's session at 2,569.17 (up 0.99% today). Notably, DAX rose 1.21% yesterday and closed at 15,664.
Furthermore, the market is looking at as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 253,000. New data is set to be published today at 12:30 UTC. United States Average Hourly Earnings projected to come out at 0.4% — worse than previous data of 0.5%; data will be released today at 12:30 UTC. United States Unemployment Rate expected to decline to 3.5 while its preceding data was 3.4, data will be available today at 12:30 UTC.
The index has been trending positively for about 2 months. The past 3 months have been positive for the S&P as it added 6.11% compared to its 3-month low of 3,577.
