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June 05, 2023After ending Thursday at 4,221, the S&P rallied to 4,290.67 Friday, hitting its highest point in 9 months. It later lost 8.3 points and closed at 4,282.37.
United States Services PMI is next today at 13:45 UTC.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The S&P's upper Bollinger Band® is at 4,284.54, this is a slight indication of a slowdown.
Technical analysis of the S&P price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
The S&P shows positive signs, other assets are also on par: Dow Jones added 2.12% and closed around 33,062 Friday. Notably, FTSE rose 1.56% Friday and closed at 7,490.27. CAC is trading around 7,270.69 after ending Friday's session at 7,137.43 (up 1.87% today).
Elsewhere, United States Services PMI is expected today at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) is scheduled for today at 14:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
The index has been trending positively for about 2 months. The S&P hit a significant low of 3,577 around 7 months ago, but has since recovered 18%.
