S&P-500 : At the equilibrium price after the Empire State
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02/15/2013 | 08:59am
Opinion : Check out the trading range breakout 1514 / 1523
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Despite the decline of the European markets yesterday, following a stronger contraction of the activity in the Eurozone, the S&P 500 finished in a slight rise by 0.07% at 1521 points.
It should open near the equilibrium price today, following the European stocks markets.
About economy, the Empire State Manufacturing Index is at 10 whereas the consensus estimated -2.1. The TIC Long-Term Purchaces will be unveiled at 3 pm, the Industrial Production is expected to increase by 0.2% at 3.15 pm and the University of Michigan Confidence at 3.55 pm, estimated at 74.8 against 71.3 last month.
Graphically, there is no change, the S&P 500 follows its oscilliations within the bullish channel in blue on the chart and keeps an upward trend in hourly data above the 1514 points and the 20-hour moving average. We will continue to look after the direction of exit of the 1514/1523 points to take a position in one way or the other.
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Laurent Polsinelli
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