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April 29, 2023
A quick look at yesterday: the S&P 500 rallied 34.13 points and maintained the 4,169.48 level.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. Fresh CFTC Gold speculative net positions data from United States came out at 185,300.
S&P 500 could be slowing down soon as it approaches resistance at 4,184. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,250, thereby suggesting that the S&P 500 is becoming overvalued. On the other hand, note that the S&P 500 made an initial breakout above its 5 day Simple Moving Average at 4,140.34, a potential indicator of a newly emerging bullish phase.
Technical analysis of the S&P price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as Nikkei is trading around 28,856 after ending yesterday's session at 28,458 (up 1.4% today). Notably, Dow Jones rose 0.8% yesterday and closed at 33,826. FTSE moves up 0.5% yesterday and closed at 7,831.58.
The index has been trending positively for about a month. The S&P has managed to gain 9.11% so far this year despite trading at lows around 3,577 previously.
