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June 27, 2023Today at a glance: the S&P 500 rallied 49.59 points and maintained the 4,378.41 level.
Uptick comes while some more positive signs for the S&P are out as United States Consumer Confidence beat the 104 projections, with 109.7. United States Core Durable Goods Orders beat the -0.1% projections, with 0.6%.
At the same time, United States New Home Sales (May) released today at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.
S&P 500 could be slowing down soon; it is getting close to the resistance line and is now at 4,397, only 18.48 points away. Crossing the resistance line could, however, suggest that further gains are ahead. The S&P's upper Bollinger Band® is at 4,440, this is a slight indication of a slowdown. Despite this, the S&P 500 made an initial breakout above its 5 day Simple Moving Average at 4,349.34, a potential indicator of a newly emerging bullish phase.
Technical analysis of the S&P price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as Hang Seng went up by 1.88% today, and closed at 19,148. Nasdaq rises 1.65% today and closed at 13,336. ASX 200 went up by 0.56% today, and closed at 7,118.2.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million, having previously been at -3.83 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Fed Chair Powell speech is scheduled tomorrow at 13:30 UTC.
The index has been trending positively for about 3 months. Approximately 7 days ago, the S&P reached a significant high of 4,388.8 but has struggled to hold onto its gains and declined 1.37% since then.
