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Technical Analysis: S&P 500 : Continuation of the bearish movement

AMERICA

The S&P500 is a reference stock market index, with 500 of the largest companies listed on the U.S. markets. The index presented, in the medium term, a strong bullish momentum, marked by a succession of troughs and peaks which were higher and higher and supported by   ...


Day By Day – Indipendent Research


…the 100-day moving average. It was stopped by the major resistance at 1345 points, tested several times, and now consolidating in a range between it and the major support at 1,234 points. Only the breaking of one of these two thresholds of the range will allow for an opinion of the direction of the movement to come for the next few months. We are therefore neutral in the coming weeks.

20062011 1


Close price 1271.5

2 months Opinion NEUTRAL
2 weeks Opinion NEGATIVE

Resistances 1294,6 / 1313 pts
Supports 1249 / 1234 pts


Anticipation :

In the shorter-term, a bullish excess followed by a pull-back from the major resistance at 1345 points led to a bearish acceleration in the prices. The 100-day moving average, which was used previously as a dynamic support, and the levels at 1313 and 1294.60 points were broken. The movement continues now slowly towards the lower threshold of the range. We are negative in the short-term and envision falling towards the major support at 1,234 points, with an intermediate target of 1249 points.

We set the invalidation threshold for of the opinion just above the resistance at 1294.60 points.  

Traker’s Name Leverage Expense ratio
AMUNDI ETF SHORT MSCI USA DAILY x-1 0,35%
db x-trackers SP 500 SHORT ETF x-1 0,50%

Follow-up Analysys: Our DBD Tracker dated 23/05/2011 recommended the sale of the European STOXX 600 index. Since then, prices have reached our second intermediate target at 267.50 points, or a performance of 4.3%.


* A leverage of 1 means that the ETF/Tracker has the same performance as the underlying index. A leverage of 2 indicates that the ETF/Tracker will have twice the performance of the underlying index. A leverage of -1 indicates that the ETF/Tracker will perform opposite that of the index: it will rise while the index falls, and vice versa.

 


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Source: ETFWorld – Day By Day – Indipendent Research

 

 

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