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June 26, 2023
Friday at a glance: overall, the S&P shed around 33.67 points or 0.77% and ended Friday's session at 4,348.33.
Technical analysis shows that S&P 500 could begin to recover as it approaches significant support, now 10.73 points away from 4,337.6. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, despite being in the red so far in the current trading session, the S&P 500 peaked above its 3 day Simple Moving Average around 4,356.52 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that the S&P 500's upper Bollinger Band® is at 4,403 which indicates a further downward move may follow.
Overall, while the S&P 500 has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, Nasdaq slumps 1% Friday and closed at 13,631. Dow Jones lost 0.65% Friday and closed at 33,947. Hang Seng is down to 18,800, losing 100 points, after ending the previous session around 18,900.
In addition, United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 12:00 UTC. United States New Home Sales (May) will be released tomorrow at 14:00 UTC.
The index has been trending positively for about 3 months. The S&P 500 now trading 7.89% above its 3-month low of 3,577.
