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June 17, 2023The S&P 500 rallied to 4,448.47 for the first time in 1 year (gaining 16.41 points). It later dropped, erased yesterday’s gains and closed at 4,409.59.
Amid the market gloom, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. United States CFTC S&P 500 speculative net positions came out at -331,400. Fresh CFTC Crude Oil speculative net positions data from United States came out at 155,100.
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 RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the S&P 500's case, the index has risen above 70, signalling that the asset is overbought. The S&P 500's upper Bollinger Band® is at 4,336.59 which indicates a further downward move may follow.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the S&P 500.
Other assets are showing positive performances as ASX 200 went up by 1.06% yesterday, and closed at 7,251.2. CAC is trading around 7,388.65 after ending yesterday's session at 7,291 (up 1.34% today). Hang Seng went up by 1.07% yesterday, and closed at 20,040.
The index has been trending positively for about 3 months. The past 3 months have been positive for the S&P as it added 11.13% compared to its 3-month low of 3,577.
