| 
June 09, 2023The S&P rallied to 4,322.62, hitting its highest point in 9 months. It later lost 16.62 points and is now trading at 4,306.
Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 261,000.
At the same time, United States U.S. Baker Hughes Oil Rig Count released today at 17:00 UTC with a figure of 556, while the previous figure was 555. United States U.S. Baker Hughes Total Rig Count released today at 17:00 UTC with a figure of 695, while the previous figure was 696.
S&P 500 reversed direction at 4,312 resistance zone and retreated back 5.96 points below it. 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. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. The S&P 500's upper Bollinger Band® is at 4,288.31, this is a slight indication of a slowdown.
Technical analysis of the S&P 500 price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
The S&P 500 shows positive signs, other assets are also on par: Nikkei surges 1.97% to trade around 32,265. KOSPI Composite Index is up 1.16%.
At the same time, FTSE is down to 7,562.36, losing 37.38 points, after closing at 7,599.74 in the preceding trading session.
The index has been trending positively for about 2 months. The past 3 months have been positive for the S&P 500 as it added 6.86% compared to its 3-month low of 3,577.
