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April 26, 2023
A quick look at yesterday: overall, the S&P 500 shed around 65.37 points or 1.58% and ended yesterday's session at 4,071.63.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in the S&P 500 are expected to follow.
United States Consumer Confidence published yesterday at 14:00 UTC came out at 101.3, falling short of the 104 projections and continuing its decline from the previous 104 figure.
Amid the market gloom, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
S&P 500 fell below the 4,119 support zone and moved 47.28 points beyond it; the next level of support with significant buyer interest is estimated at 4,104.31. The S&P made an initial break below its 10 day Simple Moving Average at 4,115.76, a possible indication of a forthcoming negative trend.
In the short term, the S&P is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Nasdaq is down to 11,800, losing 237.2 points, after ending the previous session around 12,037. Dow Jones lost 1.02% yesterday and closed at 33,875. CAC lost 0.88% yesterday and closed at 7,531.61.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available today at 12:30 UTC. United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released tomorrow at 14:00 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
The index has been trending positively for about a month. Having set a significant low of 3,577 6 months ago, the S&P 500 is trading 15.66% higher.
