A quick look at yesterday: after finishing Friday at 3,583, the S&P 500 went up to 3,689.73 before paring its losses and closing at 3,678.
At the same time, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
With regards to technical trend indicators, chart analysis show that S&P 500 made an initial breakout above its 10 day Simple Moving Average at 3,666.81, a potential indicator of a newly emerging bullish phase. A study of the S&P 500's chart reveals various key levels to watch: the S&P 500 could be slowing down soon as it approaches resistance at 3,699. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates the S&P will remain range-bound for the immediate future.
The S&P shows positive signs, other assets are also on par: notably, ASX 200 rose 1.72% yesterday and closed at 6,664.4. Nasdaq added 3.43% and closed around 10,321 yesterday. Dow Jones leaps up 1.86% yesterday and closed at 29,635.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 1.55 million — worse than previous data of 9.88 million; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
The S&P 500 reached a significant high of 4,796.56 around 9 months ago but has lost 25.3% since then.