S&P 500 : Openning in a slight rise
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02/19/2013 | 08:56am
Opinion : Check out the trading range breakout 1514 / 1523
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Back from a long weekend because of the celebration of President’s Day, the S&P 500 should follow the Europe and open in increase.
It had closed at the equilibrium price at 1519 points last Friday. Indeed, European markets benefit from good companies’ results and from the publication of the German ZEW index which increased by 48.2 against 31.5 last month (consensus 35.3).
This afternoon, only the NAHB Housing Market Index estimated at 48 will be unveiled at 4 pm.
Graphically, the S&P 500 consolidates for many sessions within the 1514/1523 trading range testing successively both bounds. Above the 1514 points, we should assist to a bullish trend, threshold coinciding with the lower limit of the bullish channel in blue on the chart.
Only a breakdown of that level would imply the beginning of a consolidation towards the 1508 points and 1500/1495 points.
In the short term, we will look after an eventual exit of the 1514/1523 points to act in one way or the other.
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Laurent Polsinelli
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