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June 18, 2023The S&P rallied to 4,448.47 for the first time in 1 year (gaining 16.41 points). It later dropped, erased Friday’s gains and closed at 4,409.59.
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.
Positive performances can be seen by looking at other markets as ASX 200 improves 1.06% Friday and closed at 7,175.3. CAC is trading around 7,388.65 after ending Friday's session at 7,291 (up 1.34% today). Hang Seng is trading around 20,040 after ending Friday's session at 19,829 (up 1.07% today).
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.
