Technicals | Aug 06 2013
The Tech Wizard notes the US S&P 500 futures price has been in a strong uptrend for the last 12 months. After a sell-off in May the SP bounce back strongly to recover all the losses and put in a new high. We are now at critical levels and push through 1720 and a weekly close in the next few weeks above 1740 will target a push to 1800.
Rejection from this level isn’t a good sign at all, the Wiz suggests, and a break back through 1700 on a weekly closing basis will trigger stop loss selling, targeting 1600.
The MACD is showing divergence between the May high and now but technical analysis is a windsock not a crystal ball. Only time and the breaking of key levels will tell…
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The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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