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June 30, 2023A quick look at today: after finishing yesterday at 4,396.44, the S&P 500 went up to 4,458.48 before paring its losses and closing at 4,450.38.
Nevertheless, United States Pending Home Sales fell short of the -0.5% projections, with new data of -2.7%.
At the same time, United States Core PCE Price Index (YoY) (May) released today at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In the S&P's case, the RSI has fallen below 30, indicating the asset is oversold. The S&P's upper Bollinger Band® is at 4,486.73, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the S&P 500.
The S&P 500 shows positive signs, other assets are also on par: CAC is trading around 7,400 after ending today's session at 7,312.73 (up 1.19% today). FTSE climbs 0.8% today and closed at 7,471.69. Nasdaq is trading around 13,800 after ending today's session at 13,600 (up 1.45% today).
The index has been trending positively for about 3 months. The S&P now trading 8.53% above its 3-month low of 3,577.
