While the S&P is on a 6 day bullish trend, Friday's session put the brakes on the ongoing uptrend — a quiet day for the S&P 500 as it remained range-bound within a 4,020.76 – 4,034 range before closing at 4,026.
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's upper Bollinger Band® is at 4,109, suggesting that a downward move may follow. In contrast, the S&P is approaching key support, around 6.21 points away from 4,020. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests the S&P 500 is positioned for a downward move in the near term.
While the S&P 500 was pretty flat Friday, mixed performances were seen elsewhere as notably, FTSE rose 0.27% Friday and closed at 7,466.6. Dow Jones ascends 0.45% Friday and closed at 34,200.
Having set a significant low of 3,577 a month ago, the S&P is trading 12.59% higher.