Though in the midst of a 4 day uptrend, gaining a total of 3.13%, (136.91 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. The S&P 500 slid down from 3,720 to 3,695, taking a 25 points loss (0.67%)
United States Philadelphia Fed Manufacturing Index (Oct) is next today at 12:30 UTC.
Data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of 9.88 million to -1.73 million this month.
Amid the market gloom, United States Building Permits (Sep) released yesterday at 12:30 UTC with a figure of 1.56 million, while the previous figure was 1.54 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.395, while the previous figure was 3.82.
S&P 500 made an initial break below its 21 day Simple Moving Average at 3,686.22, a possible indication of a forthcoming negative trend. In contrast, the S&P 500 could begin to recover as it approaches significant support, now 30.24 points away from 3,665. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the S&P 500 to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the S&P is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, ASX 200 descends 1.02% yesterday and closed at 6,800. Hang Seng goes down 1.38% yesterday and closed at 16,500.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 230,000 while previous data was 228,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Oct) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Sep) is scheduled for today at 14:00 UTC.
Having set a significant high of 4,796.56 8 days ago, the S&P is trading 4% lower.