S&P 500 : Up 0.5% in early trade

02/22/2013 | 09:03am Opinion : Check out the trading range breakout 1500 / 1514

In a favour of well-oriented european markets, the S&P 500 index is expected to open up 0.5% despite the lowering of growth forecasts announced by the European Commission.

In europe, operators hailed the German IFO index at 107.4 against 104.9 expected and 104.3 in January.

The S&P 500 finished down 0.63% at 1502 points yesterday after the publication of several disappointing statistics. The Philly Fed index was particularly low at -12.5 while the consensus expected 1.1 (-5.8 in January) and weekly jobless claims had increased by 362K against 353K expected.

Technically, the momentum is now bearish under the 1514 points, convergence areof 20 and 100-hour moving averages. Only exceeding this level would argue for a new test of recent highs. Under the 1500 points, it can be expected further downward acceleration towards 1495 points and 1486 points.

Laurent Polsinelli Copyright (c) 2013 4-Traders.com

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