The S&P 500 trades at 3,787 after gaining 34.25 points (0.91%).
At the same time, United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2. United States Composite PMI released today at 13:45 UTC with a figure of 47.3, while the previous figure was 49.5. United States Manufacturing PMI released today at 13:45 UTC with a figure of 49.9, while the previous figure was 52.
S&P 500 price action is currently oscillating around the 3,791.29 resistance level with prices moving above and below several times during the session. 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 3,814.72, this is a slight indication of a slowdown.
Technical analysis of the S&P price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as ASX 200 is up 1.54% to 6,779.4. CAC surges 1.59% to trade around 6,131.36.
Meanwhile, Hang Seng tumbles 6.36% to trade around 15,181.
Furthermore, the market is looking at United States Consumer Confidence expected to decline to 106.5 while its preceding data was 108, data will be available tomorrow at 14:00 UTC.
Having set a significant high of 4,796.56 12 days ago, the S&P is trading 4.91% lower.