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S&P 500 : At the equilibrium price before Obama's speech

02/12/2013 | 08:59am
Opinion : Check out the trading range breakout  1507/  1521
Without any catalyst at macroeconomic level today, the S&P 500 should open near the equilibrium, despite the good orientation of the European markets.
The U.S index had finished yesterday in a slight decrease by 0.06% at 1517 points, operators have opted for a technical break after six weeks of rise, taking the opportunity of a beginning of the week with few publications.

Caution is also reinforced by the speech of President Barack Obama this evening about the State of Union and the intervention of the FED members this week. Concerning statistics, only the Federal budget balance will be published at 8 pm.

Graphically, there is no change, the dynamic remains positive in hourly data above the 1507 points, 100-hour moving average and lower limit of an upward channel in blue on the chart. Only the breakdown of this level would argue in favour of a beginning of a consolidation towards the 1495 points then the 1486 points.
New daily highs would suppose, on the contrary, a quick comeback on the 1521 points then the 1530 points by extension.
S&P 500 : S&P 500 : At the equilibrium price before Obama's speech
Laurent Polsinelli
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