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June 03, 2023After ending Thursday at 4,221, the S&P rallied to 4,290.67 yesterday, hitting its highest point in 9 months. It later lost 8.3 points and closed at 4,282.37.
Uptick comes while some more positive signs for the S&P are out as United States Non Farm Payrolls improved upon its previous reading of 294,000 with a new data release of 339,000.
Nevertheless, following a previous reading of 0.4%, Average Hourly Earnings in United States released yesterday at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of 0.3%. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
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 500's upper Bollinger Band® is at 4,284.54, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the S&P 500.
The S&P 500 shows positive signs, other assets are also on par: notably, Hang Seng rose 4% yesterday and closed at 18,217. Dow Jones added 2.12% and closed around 33,062 yesterday. FTSE is trading around 7,607.28 after ending yesterday's session at 7,490.27 (up 1.56% today).
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%.
