Flash: S&P 500 looks bullish ahead - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at the S&P 500 from a purely technical perspective and expects spot to be bullish for the week ahead.

He begins by noting that spot is higher since his last update and he retains a bullish view. Looking at a daily chart he sees that yesterday's doji candlestick suggests a turning point, back upwards. Further, he notes that bandwidth has come off indicating that price action is likely to range. he writes, “The RSI has indeed come off, suggesting a short-term high has been reached, hence, our target is very close. Our target is 1685 (upper Bollinger band).”