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15 Feb 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.
He notes that spot is up on the week and he is flipping to a bullish view. Looking at a daily chart he sees that there have been several doji candlesticks which have been ignored, suggesting the momentum is in the topside. He writes, “Bandwidth is very low, indicating the move higher is likely to be a grind, rather than a breakout.” Elsewhere he sees that RSI remains elevated further, indicating topside momentum. He sets his target at 1530 where the top Bollinger Band lies.
He notes that spot is up on the week and he is flipping to a bullish view. Looking at a daily chart he sees that there have been several doji candlesticks which have been ignored, suggesting the momentum is in the topside. He writes, “Bandwidth is very low, indicating the move higher is likely to be a grind, rather than a breakout.” Elsewhere he sees that RSI remains elevated further, indicating topside momentum. He sets his target at 1530 where the top Bollinger Band lies.