| 
July 02, 2023
A quick look at Friday: after finishing Thursday at 4,396.44, the S&P 500 went up to 4,458.48 before paring its losses and closing at 4,450.38.
S&P 500 could be slowing down soon; it is getting close to the resistance line and is now at 4,465, only 14.71 points away. Crossing the resistance line could, however, suggest that further gains are ahead. 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,508.32, thereby suggesting that the S&P is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for the S&P 500.
Other markets are also showing gains as CAC improves 1.19% Friday and closed at 7,312.73. FTSE increases 0.8% Friday and closed at 7,471.69. Nasdaq is trading around 13,800 after ending Friday's session at 13,600 (up 1.45% today).
Also worthy of note, United States ISM Manufacturing PMI (Jun) is expected tomorrow at 14:00 UTC.
The index has been trending positively for about 3 months. 2 days ago the S&P reached a significant high of 4,450.38 but has consequently lost 1.21% since then.
