S&P 500 : A new bullish trading session...
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02/13/2013 | 09:01am
Opinion : Check out the trading range breakout 1508 / 1521
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While European markets came back into the green at noon, the S&P 500 futures contract suggests an increase by 0.2% at the opening. The S&P 500 had closed in a slight rise by 0.16% at 1519 points yesterday, scoring a new annual record.
Many statistics will be unveiled during the second part of the session. Retail Sales revealed at 2.30 pm are in line with expectations rising by 0.2% against 0.1% estimated.
Import Prices grew by 0.6% whereas the market expected 0.8%.
Business Inventories will be published at 4 pm (consensus 0.3%) and Crude Oil Inventories at 4.30 pm.
Graphically, the trend remains clearly bullish in hourly data above the 1508 points or above the 1514 points in intraday. On the short term, we will follow a possible exit of the 1514/1521 points to act in one way or the other.
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Laurent Polsinelli
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