The S&P 500 finished the previous week 0.06% higher, at the level of 4.559. This modest increase was supported by the expectation on the retail sales during the so-called Black Friday. This year, expectations on the retail sales were not so optimistic considering the general trend of decreased sales of consumer goods due to inflation. At the same time, the US Treasury yields cooled down during the week, supporting the equity market move to the upside.
As per current charts the S&P 500 is moving within an overbought momentum, which is an indication of a potential short reversal in the coming period. The level of 4.500 has been tested at the beginning of the previous week, but without a significant strength to move the level to the higher grounds and above 4.550. A potential short reversal might bring the index to the level of 4.500 with currently lower probability of 4.450.
As per current charts the S&P 500 is moving within an overbought momentum, which is an indication of a potential short reversal in the coming period. The level of 4.500 has been tested at the beginning of the previous week, but without a significant strength to move the level to the higher grounds and above 4.550. A potential short reversal might bring the index to the level of 4.500 with currently lower probability of 4.450.
