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June 29, 2023The S&P recovered back to 4,377 after dipping down to 4,360.22, in a session that followed Tuesday's 4,378.41 close value.
- United States GDP is next.
- While flat yesterday, the S&P 500 is on a 3 day bullish trend, gaining a total of 49.59 points throughout.
Earlier data releases related to the S&P 500 – Crude Oil Inventories in United States fell short of market expectations (-1.76 million) with a reading of -9.60 million, continuing the decline from the previous figure of -3.83 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827.
Technical analysis of the S&P before macro data is released:
S&P 500's upper Bollinger Band® is at 4,455.46, suggesting that a downward move may follow. Despite this, the S&P is currently alternating around 4,361.27 with price action moving above and below this key level throughout the session. The S&P 500 made an initial breakout above its 5 day Simple Moving Average at 4,365.25, a potential indicator of a newly emerging bullish phase.
Although price action remains in a stalemate, technical analysis suggests the S&P 500 could be primed for a break to the downside.
Coming up for the S&P — United States GDP projected to come out at 1.4 — worse than previous data of 2.6; data will be released today at 12:30 UTC. United States Initial Jobless Claims expected to decline to 266,000 while its preceding data was 264,000, data will be available today at 12:30 UTC.
As the markets get ready for more data to be released — Hang Seng descends 1.24% yesterday and closed at 19,172. CAC moves up 0.83% yesterday and closed at 7,286.32. KOSPI Composite Index lost 0.55% yesterday and closed at 2,564.19.
The index has been trending positively for about 3 months. The S&P 500 now trading 8.66% above its 3-month low of 3,577.
