Risk-on mood pushes the S&P 500 1.19% higher

Yesterday at a glance: the S&P 500 went up to 4,158.77 yesterday, gaining 1.19%.

The S&P upside coincides with further encouraging market factors as United States Crude Oil Inventories improved upon its previous reading of 2.95 million with a new data release of 5 million.

Meanwhile, United States Building Permits (Apr) released yesterday at 12:30 UTC with a figure of 1.42 million, while the previous figure was 1.44 million. United States 20-Year Bond Auction came out at 3.954.

S&P 500 made an initial breakout above its 10 day Simple Moving Average at 4,134.56, a potential indicator of a newly emerging bullish phase. On the other hand, note that the S&P could be slowing down soon as it approaches resistance at 4,177.75. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems the S&P might continue pointing upwards in the short term.

Other markets are also showing gains as Nikkei went up by 1.82% yesterday, and closed at 30,643. Dow Jones is trading around 33,421 after ending yesterday's session at 33,000 (up 1.24% today).

At the same time, Hang Seng drops 2.09% yesterday and closed at 19,978.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released today at 12:30 UTC.

Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (May) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Apr) will be released today at 14:00 UTC.

The index has been trending positively for about 2 months. Having set a significant low of 3,577 7 months ago, the S&P 500 is trading 14.9% higher.