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March 05, 2023
A quick look at Friday: the S&P 500 closed Friday at 4,045.64 (with a daily low of 3,995.17) after ending Thursday at 3,981.35 and gaining 1.61%.
S&P 500 made an initial breakout above its 10 day Simple Moving Average at 4,002.54, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 4,026.34 currently serving as resistance On the other hand, note that the S&P 500 could be slowing down soon as it approaches resistance at 4,064.23. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the S&P might continue pointing upwards in the short term.
Other markets are also showing gains as Nikkei moves up 1.56% Friday and closed at 27,500. Nasdaq is trading around 11,700 after ending Friday's session at 11,463 (up 1.97% today). DAX went up by 1.64% Friday, and closed at 15,578.
The index has been trending lower for about 29 days. This year has been a bright one for the S&P 500 after trading as low as 3,577 and going on to appreciate by 5.89% year to date.
