Friday at a glance: the S&P 500 slid into the red after losing 43.28 points and ending the session at 4,136.48.
Bond sell-off and inverted yield curve raises the spectre of economic recession in the US; the iShares U.S. Treasury Bond ETF declined 0.77% to trade at $23.23.
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 4,179.51 which indicates a further downward move may follow. On the other hand, note that the S&P could begin to recover as it approaches significant support, now 24.04 points away from 4,112.44. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for the S&P 500.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at 2,480.4, KOSPI Composite Index lost 42.21 points and is trading around 2,438.19. Hang Seng lost 2.02% Friday and closed at 21,660. CAC decreases 1.4% Friday and closed at 7,234.
Furthermore, United States Fed Chair Powell speech is scheduled for tomorrow at 17:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
The index has been trending positively for about a month. The S&P has gained 8.08% since its lowest print of 3,577 earlier this year.