| 
February 26, 2023Friday at a glance: the S&P dropped 42.32 points early on and stayed at 3,970.
The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. The S&P 500's lower Bollinger Band® is at 3,952.68, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. The S&P could begin to recover as it approaches significant support, now 20.71 points away from 3,949.33. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the S&P is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at 7,317.43, CAC lost 130.16 points and is trading around 7,187.27. DAX is down to 15,200, losing 275.69 points, after ending the previous session around 15,476. EuroSTOXX is down to 4,178.82, losing 79.18 points, after ending the previous session around 4,258.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
Having set a significant low of 3,577 4 months ago, the S&P 500 is trading 12.17% higher.
