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April 23, 2023
While the S&P 500 is on a 12 day bullish trend, Friday's session put the brakes on the ongoing uptrend — a quiet day for the S&P as it remained range-bound within a 4,114 – 4,138 range before closing at 4,133.52.
Support/Resistance levels obtained from chart analysis indicate that S&P 500 is oscillating around the 4,119 level serving as support. Trend-focused traders would be interested to note that the S&P 500 made an initial breakout above its 5 day Simple Moving Average at 4,135.46, a potential indicator of a newly emerging bullish phase.
Overall, while the S&P has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While the S&P 500 was pretty flat Friday, mixed performances were seen elsewhere as Hang Seng is down to 20,076, losing 324.27 points, after ending the previous session around 20,400. KOSPI Composite Index is down to 2,544.4, losing 18.6 points, after ending the previous session around 2,563.
The index has been trending positively for about a month. Having set a significant low of 3,577 6 months ago, the S&P 500 is trading 15.45% higher.
