The S&P 500 is range-bound between 4,008 and 4,052.45 today after shedding 61 points and closing at 4,071.7 Friday.
The S&P is currently trading at 4,010.72 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. Data for United States Factory Orders published today at 15:00 UTC came out at 1%, beating projections of 0.7% and showing improvement over the preceding figure of 0.3%. United States ISM Non-Manufacturing Employment (Nov) came out at 51.5.
S&P 500 broke through the 4,038.73 support line and dropped 28 points below it. The S&P made an initial break below its 200 day Simple Moving Average at 4,046.31, a possible indication of a forthcoming negative trend.
In the short term, the S&P 500 is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at 34,430, Dow Jones lost 392.96 points and is trading around 34,037. Nasdaq is trading around 11,278 (down 183.77 points).
Other assets are showing positive performances as having closed the previous session at 18,675, Hang Seng is up 4.51% today to currently trade at around 19,518.
Furthermore, 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. A month ago, the S&P fell to a low of 3,577 but has since recovered 13.83%.