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April 27, 2023A quick look at today: the S&P went up to 4,135.35 today, gaining 1.96%.
This move comes while some more positive signs for the S&P are out as highly important Initial Jobless Claims data from United States beat analyst expectations of 248,000 with a reading of 230,000.
Nevertheless, data from United States concerning Pending Home Sales was released today at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 0.8% to -5.2% this month. Data from United States concerning GDP was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 2.6 to 1.1 this month.
Chart analysis suggests S&P 500 could be slowing down soon as it approaches resistance at 4,143. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that the S&P made an initial breakout above its 10 day Simple Moving Average at 4,115.76, a potential indicator of a newly emerging bullish phase.
Notwithstanding the S&P 500's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Dow Jones went up by 1.57% today, and closed at 33,826. Nasdaq went up by 2.43% today, and closed at 12,142. Notably, KOSPI Composite Index rose 0.44% today and closed at 2,484.83.
Also worthy of note, United States Core PCE Price Index (MoM) (Mar) is scheduled for tomorrow at 12:30 UTC.
The index has been trending positively for about a month. The S&P has managed to gain 8.26% so far this year despite trading at lows around 3,577 previously.
