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11 Mar 2013
Forex Flash: S&P 500 looks bullish ahead - Nomura
Nomura Strategist Saeed Amen has taken a look at the S&P 500 from a purely technical perspective and believe it looks bullish ahead.
Amen begins by noting that spot is up on the week and as such he is flipping to a bullish view. Looking at a daily chart he notes that RSI is trending higher which indicates upside momentum. Further, he notes that spot has tested the upper Bollinger Band several times which short and medium term SMA´s are pointing upwards. He finishes by writing, “Also bandwidth is expanding, which suggests that we are in a breakout. Our target is 1575.”
Amen begins by noting that spot is up on the week and as such he is flipping to a bullish view. Looking at a daily chart he notes that RSI is trending higher which indicates upside momentum. Further, he notes that spot has tested the upper Bollinger Band several times which short and medium term SMA´s are pointing upwards. He finishes by writing, “Also bandwidth is expanding, which suggests that we are in a breakout. Our target is 1575.”