U.S Stocks Edge Higher, After Indices rebound – 13 February 2023
13 Feb 2023
S&P 500 rose 0.34% to 3,946.0 on Monday
On Thursday market session participants will be looking ahead to retail sales, fresh jobless claims, and import price data
US stocks futures rise during Wednesday evening deals, US major indices bouncing back on that day after an inflation report published by Federal Reserve
Stocks fell straight on Wednesday, investors are afraid of this move, and on the last day of August market come back in doubt as investors weighed the inflation-fighting efforts.
The Dow Jones Industrial Average was up by about 0.2% to 31,510.43. S&P 500 was roughly gained by 0.2% at the end of day price was 3,946.00. Nasdaq 11 futures rose 0.4% at 11,816.20
The three major weaker note seems at the end of the month which began as a strong month i.e., Donjons AUGUST down 4.1% and the S&P 500, Nasdaq posted losses of nearly 4.2% and 4.6%, respectively, the 52 weeks range is 3,636.87-4,818.62
The Nasdaq100 is now 11.8% above its low level. On 16 Aug the summer rally came back a full two months after the mid-June bottom, On the bond market, the US 10-year yield changed by 3.404%.
The debate had been going on investors for weeks about whether the economy is in a recession or in not recession. Many investors thought an economic downturn would give the federal reserve reason to rise up their hiking plan.
On Friday Fed chairman Jerome Powell reiterated in his Jackson Hole speech, According to Brad McMillan market was counting on the limited rate increase and quick rate decrease.
LONG-TERM TECHNICAL ANALYSIS ON S&P 500
This daily chart indicates that S&P 500 was trading in a downwardchannel, Currently, it is trading below all SMA, and RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness, S&P500 was traded in a down channel before there is a breakout.