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May 13, 2023
Yesterday at a glance: the S&P dropped 6.62 points early on and stayed at 4,124.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions came out at 21,400.
S&P 500 made an initial break below its 10 day Simple Moving Average at 4,134.56, a possible indication of a forthcoming negative trend. On the other hand, note that the S&P could begin to recover as it approaches significant support, now 25.77 points away from 4,098.31. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the S&P to extend its recent losses.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index lost 0.63% yesterday and closed at 2,491.
Other assets are showing positive performances as Nikkei added 0.9% and closed around 29,127 yesterday. FTSE went up by 0.31% yesterday, and closed at 7,754.62.
The index has been trending positively for about 2 months. The S&P is now trading 15.48% above the significant low (3,577) it slumped to 6 months ago.
