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March 15, 2023
A quick look at yesterday: after finishing Monday at 3,855.76, the S&P 500 went up to 3,937.29 before paring its losses and closing at 3,919.29.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to 0.3%.
S&P 500 made an initial breakout above its 5 day Simple Moving Average at 3,922.81, a potential indicator of a newly emerging bullish phase. The S&P 500's lower Bollinger Band® is at 3,843.22, indicating that the market is oversold and fertile for new buyers. In contrast, the S&P could be slowing down soon; it is getting close to the resistance line and is now at 3,952.75, only 33.46 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the S&P 500 likely to continue pointing upward in the short term.
Other markets are also showing gains as CAC went up by 1.86% yesterday, and closed at 7,141.57. FTSE added 1.17% and closed around 7,548.63 yesterday. EuroSTOXX went up by 2.02% yesterday, and closed at 4,179.47.
Also worthy of note, projections for United States Retail Sales are set for a continuation of decline with -0.3% while previous data was 3%; data will be released today at 12:30 UTC. United States Core Retail Sales expected to decline to -0.1% while its preceding data was 2.3%, data will be available today at 12:30 UTC. Today at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to 0.3% from the preceding figure of 0.7%.
The index has been trending lower for about a month. Approximately 11 months ago, the S&P reached a significant high of 4,631.6 but has struggled to hold onto its gains and declined 16.75% since then.
