A quick look at Friday: the S&P 500 closed at 3,770.55 Friday after ranging between 3,709 and 3,796.34.
S&P 500 is 37.76 points away from testing key resistance at 3,808.31. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on Friday, the S&P 500 slid below its 21 day Simple Moving Average at 3,730 during the last session — an early indicator that a negative trend could be emerging.
Overall, looking at the technical analysis landscape, it seems the S&P 500 is likely to reverse course and start pointing down in the short term.
The S&P 500 shows positive signs, other assets are also on par: Hang Seng went up by 2.69% Friday, and closed at 16,600. Dow Jones went up by 1.26% Friday, and closed at 32,400. Notably, Nikkei rose 1.21% Friday and closed at 27,200.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Having set a significant low of 3,577 26 days ago, the S&P 500 is trading 4% higher.