| 
May 10, 2023
A quick look at yesterday: the S&P slid down from 4,138 to 4,119.17, taking a 18.83 points loss (0.46%)
United States Core Consumer Prices is next today at 12:30 UTC.
Meanwhile, United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
S&P 500 could begin to recover as it approaches significant support, now 20.86 points away from 4,098.31. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the S&P peaked above its 3 day Simple Moving Average around 4,121.78 — typically an early indicator of a new bullish trend beginning to emerge.
Despite suffering losses in today's session, technical analysis is indicating that the S&P 500 will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index slumps 0.54% yesterday and closed at 2,510. Nasdaq withdraws 0.63% yesterday and closed at 12,257. After ending yesterday's session at 19,868, Hang Seng lost 105.38 points and is trading around 19,762.
In addition, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000, having previously been at -1.28 million. The figure will be published today at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.
The index has been trending positively for about a month. 6 months ago, the S&P 500 fell to a low of 3,577 but has since recovered 15.69%.
