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May 07, 2023A quick look at Friday: after finishing Thursday at 4,061.22, the S&P 500 went up to 4,147 before paring its losses and closing at 4,136.25.
S&P 500 made an initial breakout above its 10 day Simple Moving Average at 4,131.44, a potential indicator of a newly emerging bullish phase. Despite this, the S&P could be slowing down soon as it approaches resistance at 4,160.6. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the S&P 500 might continue pointing upwards in the short term.
Other markets are also showing gains as Dow Jones is trading around 33,674 after ending Friday's session at 33,128 (up 1.65% today). Nasdaq added 2.25% and closed around 11,966 Friday. FTSE is trading around 7,778.38 after ending Friday's session at 7,702.64 (up 0.98% today).
The index has been trending positively for about a month. The S&P 500 has gained 8.32% since its lowest print of 3,577 earlier this year.
