Forex News
Back
May 24, 2013
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).”
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).”