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June 06, 2023
The S&P rallied to 4,287, hitting its highest point in 9 months. It later lost 17.83 points and is now trading at 4,269.17.
The S&P is currently trading at 4,269.17 following the release of EIA Short-Term Energy Outlook data from the United States.
This uncertain state for the S&P 500 is reflected by published market data as United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.
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 4,281.35, suggesting that a downward move may follow. In contrast, the S&P is climbing away and is now 92 points from the 4,177 support line.
Although price action remains in a stalemate, technical analysis suggests the S&P 500 could be primed for a break to the downside.
Moreover, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.15 million, following on from the preceding figure of 4.49 million. New data is set to be published tomorrow at 14:30 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 19.48%.
