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March 02, 2023In the last 10 days, the S&P 500 has lost a total of 4.88% of its value. More of the same today: the S&P 500 recovering almost all the way back to 3,951.39 today, after dipping down to 3,928.
On the flip side, United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000. United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.
Meanwhile, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
S&P 500 could begin to recover as it approaches significant support, now 23.72 points away from 3,921.38. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the S&P peaked above its 200 day Simple Moving Average around 3,940.31 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at 3,911.7, a low enough level to, generally, suggest that the S&P 500 is trading below its fair value.
Technical analysis indicates that the S&P 500's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, Hang Seng closed at 20,429 (down 0.92%).
Other assets are showing positive performances as CAC goes up 0.69% to trade around 7,284.22.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
The S&P 500 hit a significant low of 3,577 around 4 months ago, but has since recovered 10.47%.
