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March 16, 2023Tentatively higher from an earlier low of 3,864, the S&P 500 is up to 3,947.22 today, adding 55.22 points, or 1.42%, to yesterday's closing price of 3,892.
Both stocks and bonds tracking well in the middle of the trading session; yields on one year US government debt fell from 4.9% to 4.3%.
S&P 500 broke through the 3,904.25 resistance, climbing 42.97 points above it. The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. Fibonacci-focused traders would be interested to note that the S&P is oscillating around the key Fibonacci resistance level of 3,934.65.
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 CAC jumps 2.03% to trade around 7,025.72. Having closed the previous session at 4,035, EuroSTOXX is up 2.03% today to currently trade at around 4,117.
Meanwhile, after ending yesterday's session at 7,069, ASX 200 lost 103.5 points and is trading around 6,965.5.
The index has been trending lower for about a month. Having set a significant high of 4,631.6 11 months ago, the S&P 500 is trading 15.97% lower.
