A quick look at today: after dipping down to 3,947.67, the S&P 500 regained earlier losses and closed at 3,999.
This move comes while some more positive signs for the S&P 500 are out as highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 205,000.
Meanwhile, United States Consumer Price Index released yesterday at 13:30 UTC with a figure of -0.1%, while the previous figure was 0.1%. United States Core Consumer Prices came out at 0.3%, while a consensus of analysts was expecting 0.3%.
S&P 500 made an initial breakout above its 200 day Simple Moving Average at 3,984.39, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 3,993 by around 6.1 points with prices hammering out a 3,947.67 – 4,004 session range. The S&P 500 has crossed the upper Bollinger Band® at 3,986, a potential sign that further gains are to follow. On the other hand, note that the S&P could be slowing down soon; it is getting close to the resistance line and is now at 4,008, only 9.07 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the S&P likely to continue pointing upward in the short term.
Other markets are also showing gains as notably, ASX 200 rose 0.66% today and closed at 7,280.4. FTSE added 0.64% and closed around 7,794 today.
At the same time, Nikkei is down to 26,120, losing 330.3 points, after ending the previous session around 26,450.
The S&P has gained 4.16% since its lowest print of 3,577 earlier this year.