The S&P 500 rallies 77.09 points (1.95%) deep into the session, trading at 4,034.72.
The S&P 500 is currently trading at 4,034.72 following the release of Fed Chair Powell speech data from the United States.
Uptick comes while some more positive signs for the S&P are out as data for United States Pending Home Sales published today at 15:00 UTC came out at -4.6%, beating projections of -5% and showing improvement over the preceding figure of -8.7%.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million.
Meanwhile, United States JOLTs Job Openings (Oct) released today at 15:00 UTC with a figure of 10.33 million, while the previous figure was 10.69 million.
Following today's trading session, chart analysis suggests S&P 500 broke through the 3,977 resistance, climbing 57.67 points above it. Technical analysis trend indicators suggest that the S&P made an initial breakout above its 10 day Simple Moving Average at 3,979, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 3,993 by around 41.79 points with prices hammering out a 3,938.58 – 4,037.45 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,120, thereby suggesting that the S&P is becoming overvalued.
Overall, the technical outlook suggests the S&P 500 is likely to remain muted for the immediate future, with no clear-cut direction.
The S&P shows positive signs, other assets are also on par: having closed the previous session at 10,984, Nasdaq is up 3% today to currently trade at around 11,300. Having closed the previous session at 2,433.39, KOSPI Composite Index is up 1.61% today to currently trade at around 2,472.53. Hang Seng is up 2.16% to 18,600.
Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Oct) will be released tomorrow at 13:30 UTC. United States ISM Manufacturing PMI (Nov) scheduled to come out tomorrow at 15:00 UTC.
Having set a significant high of 4,796.56 a month ago, the S&P 500 is trading 10.64% lower.