A quick look at yesterday: after finishing Monday at 3,855.76, the S&P 500 went up to 3,937.29 before paring its losses and closing at 3,919.29.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to 0.3%.
S&P 500 made an initial breakout above its 5 day Simple Moving Average at 3,922.81, a potential indicator of a newly emerging bullish phase. The S&P's lower Bollinger Band® is at 3,843.22, indicating that the market is oversold and fertile for new buyers. Despite this, the S&P 500 could be slowing down soon as it approaches resistance at 3,952.75. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the S&P 500 likely to continue pointing upward in the short term.
Other markets are also showing gains as Nasdaq went up by 2.14% yesterday, and closed at 11,428.
At the same time, CAC falls 1.58% yesterday and closed at 7,141.57. FTSE lost 1.21% yesterday and closed at 7,637.
Furthermore, the market is looking at projections for United States Retail Sales are set for a continuation of decline with -0.3% while previous data was 3%; data will be released today at 12:30 UTC. As things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 2.3%. New data is set to be published today at 12:30 UTC. Today at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to 0.3% from the preceding figure of 0.7%.
The index has been trending lower for about a month. The S&P 500 has fallen back around 16.75% over the past 11 months, from a notable high of 4,631.6.