The S&P is now trading at 3,946.69 after tracing out a steady 3,936 – 3,980 range today.
- The S&P 500 is currently trading at 3,946.69 following the release of Existing Home Sales (Oct) data from the United States.
- While flat so far today, the S&P 500 is on a 5 day bearish trend during which it lost 46.37 points of its value.
United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.
S&P 500 made an initial break below its 5 day Simple Moving Average at 3,969.45, a possible indication of a forthcoming negative trend. In contrast, the S&P is approaching key support, around 29.4 points away from 3,917.29. 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.
CAC moves up 1.04% to trade around 6,644.46. DAX is up 1.16%. EuroSTOXX is up 1.2%.
Having set a significant high of 4,796.56 a month ago, the S&P 500 is trading 10.33% lower.