Yesterday at a glance: the S&P dropped 29 points early on and stayed at 3,872.
United States ISM Manufacturing PMI (Oct) is next today at 14:00 UTC.
Meanwhile, United States OPEC Crude Oil Production Algeria (Barrel) released yesterday at 15:00 UTC with a figure of 1 million, while the previous figure was 1 million. Fresh OPEC Crude Oil Production Congo (Barrel) data from United States came out at 270,000. United States OPEC Crude Oil Production Gabon (Barrel) released yesterday at 15:00 UTC with a figure of 200,000, while the previous figure was 200,000.
'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. 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 500's upper Bollinger Band® is at 3,938 which indicates a further downward move may follow. Despite this, after reaching the 3,862.2 support zone, the S&P 500 bounced and climbed 9.78 points above it.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the S&P 500.
Positive performances can be seen by looking at other markets as Hang Seng shoots up 5.81% yesterday and closed at 14,700. ASX 200 went up by 1.65% yesterday, and closed at 6,977. KOSPI Composite Index leaps up 1.81% yesterday and closed at 2,293.61.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 267,000 while previous data was 2.59 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) is scheduled for tomorrow at 12:15 UTC.
Having set a significant high of 4,796.56 20 days ago, the S&P is trading 9.06% lower.