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July 04, 2023Trading is currently halted for July 4th but will resume tomorrow. Meanwhile, here is a recap of yesterday: generally flat but with a slight bullish bias, the S&P 500 ranged between 4,442.29 and 4,456.46 before closing higher at 4,455.59.
Meanwhile, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released yesterday at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.
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 4,527.66, this is a slight indication of a slowdown. The S&P 500 could be slowing down soon as it approaches resistance at 4,460.6. Of course, crossing it might suggest further gains are ahead.
Technical analysis suggests there could be an imminent reversal for the S&P 500.
Other markets are also showing gains as Nikkei surges 1.7% yesterday and closed at 33,200. Hang Seng added 2.06% and closed around 18,916 yesterday. KOSPI Composite Index is trading around 2,602.47 after ending yesterday's session at 2,564.28 (up 1.49% today).
The market is looking forward to the release of new data: United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
The index has been trending positively for about 3 months. The S&P reached a significant high of 4,455.59 around a day ago but has lost 0.12% since then.
