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May 15, 2023
A quick look at Friday: the S&P 500 retained its composure around the 4,124 level after dropping 0.16%.
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. Despite this, 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 Friday and forecasting the S&P 500 to extend its recent losses.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index decreases 0.63% Friday and closed at 2,491.
Other assets are showing positive performances as Nikkei is trading around 29,400 after ending Friday's session at 29,127 (up 0.9% today). FTSE climbs 0.31% Friday and closed at 7,730.58.
Some optimism can drawn from the fact that United States Retail Sales is projected to outperform its last figure with 0.7%, having previously been at -0.6%. The figure will be published tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
The index has been trending positively for about 2 months. The S&P 500 hit a significant low of 3,577 around 7 months ago, but has since recovered 15.48%.
