Sp future points to index levels around 1380 at the moment. It is almost 2 percent down from past month. The index made a brief high at 1422 before going down to as much as 1357. Meanwhile major European indices all are down around 10% from the highs with renewed concerns about the debt crisis. Gold is trading mostly sideways.
The daily sp index chart is below:
The index is trading around the breakout level (1370), but to the upside 20 day MA is the resistance at the moment around 1393.To the downside, 1357, 1340 and 1293 are significant levels with major support 200 day MA around 1273.
The weekly chart is as follows:
20 week Ma is around 1335 and 50 week around 1279.
To sum up, the bearish pressure built up once again in European markets, but the US equity markets are holding strong so far with earnings mostly better than expected. We will see which market will follow the other.
It seems to me that once again the European Markets are demanding for more easing in some sort from ECB to overcome the bearish pressure.
The long term indicator I use is flat, with mid term being still positive. Short term is negative.