S&P 500 : Slight fall after the unemployment claims
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02/14/2013 | 08:56am
Opinion : Check out the trading range breakout 1514 / 1523
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Despite the bearish trend of European markets today, following the publication of GDP in the Eurozone worse than expected, the S&P 500 should begin this session in a slight decrease by 0.15%.
The unemployment figures announced at 2.30 pm are better than estimated, weekly unemployment claims stand at 341K against 361K.
No other publication will be unveiled this afternoon.
The U.S. index had ended on a symbolic increase by 0.06% at 1520 points yesterday.
Graphically, the S&P 500 follows a bullish trend in hourly data above the 1514 points, level corresponding now to the 50-hour moving average and the lower bound of an upward channel in blue on the chart.
Only a breakdown of that area would imply the beginning of a consolidation towards the 1508 points then 1495 points. On the contrary, above the 1523 points, recent highs, the 1531 points will be in line of sight.
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Laurent Polsinelli
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