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June 12, 2023The S&P is on an 8 day bullish run gaining 237.64 points (6.41%). Consistent for now — the S&P 500 spiked to 4,322 before dropping back to its pre-spike levels and is now heading towards the close around 4,321.39.
At the same time, United States Federal Budget Balance (May) came out at -240 billion, while a consensus of analysts was expecting -236 billion. United States 10-Year Note Auction released today at 17:00 UTC with a figure of 3.791, while the previous figure was 3.448. United States 3-Year Note Auction came out at 4.202.
S&P 500 broke through the 4,317 resistance and climbed 4.3 points above it. 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,309.65, thereby suggesting that the S&P 500 is becoming overvalued.
Technical analysis of the S&P 500 price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as having closed the previous session at 13,259, Nasdaq is up 1.08% today to currently trade at around 13,400. DAX gained 0.93% and is now trading at 16,100.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
The index has been trending positively for about 2 months. The S&P 500 now trading 11.32% above its 3-month low of 3,577.
