US equity indices are closed for the Thanksgiving holiday and resume tomorrow. Meanwhile, here is a recap of yesterday: the S&P closed yesterday at 4,027.26 (with a daily low of 3,998.66) after ending Tuesday at 4,003.58 and gaining 0.59%.
Uptick comes while some more positive signs for the S&P are out as United States Core Durable Goods Orders improved upon its previous reading of -0.9% with a new data release of 0.5%.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -3.69 million.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
S&P 500 could be slowing down soon as it approaches resistance at 4,041. Of course, crossing it might suggest further gains are ahead. 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's upper Bollinger Band® is at 4,095.54, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the S&P 500 is set for a reversal in the coming days.
Other markets are also showing gains as KOSPI Composite Index rises 0.96% yesterday and closed at 2,418. Nikkei added 0.95% and closed around 28,100 yesterday. Nasdaq climbs 0.99% yesterday and closed at 11,174.
The S&P has recovered 11.92% since descending to a significant low of 3,577 around a month ago.