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March 09, 2023
While the S&P 500 was in the midst of a 3 day downtrend— in which it lost a total of 1.73%— A possible reversal detected from yesterday; after closing at 3,986.37 Tuesday, the S&P 500 maintained a strong bullish bias that helped the index close higher at 3,992 yesterday. However, market bears ensured the the S&P 500 topped out at 4,000.41 and that by the end of the session, the market had marked out a distinct 3,969.76 to 4,000.41 range.
Nevertheless, Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.
Meanwhile, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
S&P 500 made an initial breakout above its 50 day Simple Moving Average at 3,994.45, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. The S&P's lower Bollinger Band® is at 3,912, indicating that the market is oversold and fertile for new buyers. Despite this, the S&P 500 could be slowing down soon as it approaches resistance at 4,005. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts the S&P to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the S&P 500 is expected to pick up significant bullish sentiment in the coming days.
The S&P shows positive signs, other assets are also on par: Nikkei added 0.48% and closed around 28,444 yesterday. DAX increases 0.46% yesterday and closed at 15,560.
Also worthy of note, United States Non Farm Payrolls expected to decline to 205,000 while its preceding data was 517,000, data will be available tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 190,000. New data is set to be published today at 13:30 UTC.
Elsewhere, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
The index has been trending lower for about a month. 4 months ago, the S&P 500 fell to a low of 3,577 but has since recovered 11.44%.
