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5 Apr 2013
Forex 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.
Looking at his daily chart he notes that spot is up on the week and he is retaining his bullish view. He adds that the failure of spot to stay below the 20D SMA suggests that upside is more likely. He adds, “Also RSI rebounded back higher, which suggests we have reached a short-term low. With bandwidth falling, it implies that range-bound trading is most likely, and hence we could see a retracement within the range back higher. Our target is 1571 (upper Bollinger band).”
Looking at his daily chart he notes that spot is up on the week and he is retaining his bullish view. He adds that the failure of spot to stay below the 20D SMA suggests that upside is more likely. He adds, “Also RSI rebounded back higher, which suggests we have reached a short-term low. With bandwidth falling, it implies that range-bound trading is most likely, and hence we could see a retracement within the range back higher. Our target is 1571 (upper Bollinger band).”