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February 27, 2023
Tentatively higher from an earlier low of 3,982.28, the S&P is up to 3,988 today, adding 18 points, or 0.45%, to Friday's closing price of 3,970.
- New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.
- In contrast to today's gains, the S&P has been on a 7 day bearish trend during which it lost 177.56 points of its value.
Data for United States Pending Home Sales published today at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. Data for United States Core Durable Goods Orders published today at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.
S&P 500 made an initial breakout above its 5 day Simple Moving Average at 4,010, a potential indicator of a newly emerging bullish phase. The S&P's lower Bollinger Band® is at 3,956.5, indicating that the market is oversold and fertile for new buyers. Despite this, the S&P could be slowing down soon; it is getting close to the resistance line and is now at 4,034, only 46.05 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
The S&P 500 continues to move higher with technical analysis indicating the trend will continue in the short term.
United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
CAC added 1.51% to its value, now trading at 7,295.55. ASX 200 is down 82.2 points from the beginning of the session and now trades around 7,224.8. EuroSTOXX is up 1.73% to 4,251.28.
The S&P hit a significant low of 3,577 around 4 months ago, but has since recovered 11%.
