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April 08, 2023The S&P 500 is on a 6 day uptrend, gaining a total of 6.46%. The S&P lived up to expectations Thursday by maintaining its set course — after ending Wednesday at 4,090.38, the S&P went up to 4,107.32 only to drop back, yet still traded well overall and closed at 4,105 Thursday.
Uptick comes while some more positive signs for the S&P are out as United States Unemployment Rate beat the 3.6 projections, with 3.5.
On the flip side, highly important Non Farm Payrolls data from United States beat analyst expectations of 239,000 with a reading of 236,000.
At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Chart analysis suggests S&P 500 is 13.26 points away from testing key resistance at 4,118.28. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors would be interested to note that the S&P 500 made an initial breakout above its 3 day Simple Moving Average at 4,080.6, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, the S&P's upper Bollinger Band® is at 4,145.43, this is a slight indication of a slowdown.
Overall, while the S&P has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
The S&P shows positive signs, other assets are also on par: FTSE is trading around 7,741.56 after ending Thursday's session at 7,663 (up 1.03% today). KOSPI Composite Index is trading around 2,490.41 after ending Thursday's session at 2,459.23 (up 1.27% today).
This year has been a bright one for the S&P after trading as low as 3,577 and going on to appreciate by 7.37% year to date.
