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June 15, 2023
After ending yesterday at 4,372.59, the S&P rallied to 4,439.2 today, hitting its highest point in 1 year. It later lost 13.2 points and closed at 4,426.
Uptick comes while some more positive signs for the S&P are out as United States Retail Sales beat the -0.1% projections, with 0.3%.
On the flip side, United States Initial Jobless Claims came out at 262,000, marking no change from preceding figure.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
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. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In the S&P 500's case, the RSI has fallen below 30, indicating the asset is oversold. The S&P 500's upper Bollinger Band® is at 4,342.18, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the S&P.
Other markets are also showing gains as notably, Hang Seng rose 2.17% today and closed at 19,400. Dow Jones moves up 1.26% today and closed at 33,979. Nasdaq goes up 1.15% today and closed at 13,626.
The index has been trending positively for about 3 months. The past 3 months have been positive for the S&P 500 as it added 11.28% compared to its 3-month low of 3,577.
