A quick look at yesterday: the S&P 500 slid down from 4,192.63 to 4,145.58, taking a 47.05 points loss (1.12%)

The S&P 500 is currently trading at 4,145.58 following the release of Fed Chair Powell speech data from the United States.

While price action maintains a negative bias, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000. United States Services PMI released yesterday at 13:45 UTC with a figure of 55.1, while the previous figure was 53.6. United States Building Permits came out at 1.15 million, while a consensus of analysts was expecting 1.42 million.

S&P 500 made an initial break below its 10 day Simple Moving Average at 4,150, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 4,169.48 currently serving as support. If price action breaks below, the next Fib hurdle is 4,049.64. In contrast, the S&P 500 could begin to recover as it approaches significant support, now 16.74 points away from 4,162.32. 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 500 to extend its recent losses.

In the meantime, negative performances are also seen in other markets, CAC is down to 7,378.71, losing 99.29 points, after ending the previous session around 7,478. Hang Seng is down to 19,431, losing 246.92 points, after ending the previous session around 19,678. Nasdaq lost 1.26% yesterday and closed at 12,721.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released today at 14:30 UTC. United States Initial Jobless Claims projected to decline to 250,000 while previous data was 242,000; data will be released tomorrow at 12:30 UTC.

Moreover, United States Pending Home Sales is projected to outperform its last figure with 0.5%, having previously been at -5.2%. The figure will be published tomorrow at 14:00 UTC.

The index has been trending positively for about 2 months. After hitting an important low of 3,577 approximately 7 months ago, the S&P 500 has bounced back 17.21% since.