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May 27, 2023
A quick look at yesterday: with a daily low of 4,156, the S&P closed yesterday at 4,205.45, after ending Thursday at 4,151.28 and gaining 54.17 points (1.3%).
On the flip side, data from United States concerning Core Durable Goods Orders was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.2% this month.
At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, 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 193,100, while the previous figure was 191,500.
Trend and momentum analysis indicates that S&P 500 made an initial breakout above its 3 day Simple Moving Average at 4,183, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 4,169.48 by around 35.97 points with prices hammering out a 4,156 – 4,213 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,268.48, thereby suggesting that the S&P is becoming overvalued. A study of the S&P 500's historical price actions shows the S&P 500 reversed direction at 4,210 resistance zone and retreated back 4.41 points below it.
Overall, while the S&P has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
The S&P shows positive signs, other assets are also on par: Nasdaq is trading around 12,976 after ending yesterday's session at 12,700 (up 2.19% today). CAC added 1.24% and closed around 7,229.27 yesterday.
Meanwhile, Hang Seng is down to 18,747, losing 353.08 points, after ending the previous session around 19,100.
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 16.05% higher.
