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April 14, 2023
A quick look at yesterday: the S&P 500 closed yesterday at 4,146.22 (with a daily low of 4,099.4) after ending Wednesday at 4,092 and gaining 1.33%.
United States Retail Sales is next today at 12:30 UTC.
Nevertheless, highly important Producer Price Index data from United States beat analyst expectations of 0.1% with a reading of -0.5%. Data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 228,000 to 239,000 this month.
At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The S&P 500's upper Bollinger Band® is at 4,184.26, this is a slight indication of a slowdown. The S&P could be slowing down soon as it approaches resistance at 4,164.52. Of course, crossing it might suggest further gains are ahead.
Technical analysis suggests there could be an imminent reversal for the S&P.
Other markets are also showing gains as Nasdaq is trading around 12,166 after ending yesterday's session at 11,929 (up 2% today). Dow Jones added 1.14% and closed around 33,646 yesterday. Nikkei moves up 1.2% yesterday and closed at 28,157.
Also worthy of note, United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
The index has been trending positively for about a month. The S&P 500 has managed to gain 8.54% so far this year despite trading at lows around 3,577 previously.
