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May 11, 2023
A quick look at today: the S&P dipped as low as 4,109.29 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (4,132.24) with the S&P closing the day at 4,130.62.
United States Producer Price Index improved upon its previous reading of -0.4% with a new data release of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.
On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.
S&P 500 could begin to recover as it approaches significant support, now 32.31 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 500 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, Dow Jones descends 0.66% today and closed at 33,531. DAX lost 0.39% today and closed at 15,900.
Positive performances can be seen by looking at other markets as CAC went up by 0.28% today, and closed at 7,381.78.
The index has been trending positively for about 2 months. The S&P 500 has recovered 15.67% since descending to a significant low of 3,577 around 6 months ago.
