A quick look at Friday: having ended a bullish session Friday at 3,770.55, momentum helped the S&P 500 finish the day 50.55 points or 1.36% higher, although mixed sentiments ensured the S&P 500 etched out a distinct 3,709 to 3,796.34 session range.
Despite posting gains on Friday, 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. The S&P could be slowing down soon as it approaches resistance at 3,808.31. Of course, crossing it might suggest further gains are ahead.
The S&P 500 is likely to reverse course and start pointing downward in the short term.
Other markets are also showing gains as Hang Seng is trading around 16,600 after ending Friday's session at 16,161 (up 2.69% today). Dow Jones went up by 1.26% Friday, and closed at 32,400. Nikkei is trading around 27,528 after ending Friday's session at 27,200 (up 1.21% today).
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Having set a significant high of 4,796.56 26 days ago, the S&P 500 is trading 4% lower.