S&P is trading around 1090 @ 4.30 amsterdam time. As mentioned last week, the bounce happened and the market saw as high as around 1105.I believe as some other analysts,that the fundamentals to take the market down are building up, and the higher the market goes up, the faster it will go down.
At the moment, there is no big story which will push the market down, so the market is driven up mostly on the technical basis. I mean, the perception of the market is recovery, rather than the bad global economic conditions we have right now. And as long as this recovery story is on the headlines, the technicals will push the market up.
We might have a little up move further. But as you see from last weeks technnical analysis below, the channel is a rather low slope one. So the next level seems to be around 1140. We probably see some figting around 1100 level.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment