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April 30, 2023A quick look at Friday: bullish sentiment helped the S&P to push 34.13 points higher, reaching session highs around 4,170, before consolidating until close. Ultimately, the S&P 500 closed Friday at 4,169.48.
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. In contrast, the S&P 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 suggests there could be an imminent reversal for the S&P 500.
Other markets are also showing gains as Nikkei is trading around 28,856 after ending Friday's session at 28,458 (up 1.4% today). Dow Jones moves up 0.8% Friday and closed at 33,826. FTSE rises 0.5% Friday and closed at 7,831.58.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Apr) is expected tomorrow at 14:00 UTC.
The index has been trending positively for about a month. 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 9.11% year to date.
