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Important Technical Level Ahead for the S&P500
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It was a mixed day on Wall-Street yesterday as investors were reluctant to enter new positions around current high levels. From a technical point of view, the S&P500 is trading less than 2% below its yearly high. Stocks presented some lackluster movement throughout the session, bouncing around their opening market. While there is a strong consensus that the markets will continue higher, most technical traders are waiting for a break of the prior high to confirm the route higher. When observing the chart below, one can see that even though indicators are still in comfortable areas, strong resistance lies at 1150.
What Should One Expect?
While the market can often act in mysterious ways, fundamental data has been improving in the U.S and could support a breakout. Even though not all the sectors have shown the same amount of improvement, with financials and the housing sector, still holding back the rally, president Obama is taking dramatic steps to restore stability to the market. In a recent effort to help homeowners, the President proposed to help the foreclosure situation by allocating funds to homeowners who are unable to payback their mortgages and are forced to give up their homes or sell them at discount levels.
When observing the Homebuilders index, a gauge often used to measure the strength of the housing market, one can see that strength is slowly returning to the sector. If financials and the housing market begin to show moderate signs of recuperation, could the major indices receive the boost they need to climb to higher levels?
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Comments(1)
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in early afternoon trade as the market rebounded from lower level on higher US index futures. The market shrugged off lower European stocks. State Bank of India, Larsen & Toubro and Reliance Industries edged higher. The market breadth was strong. Select side counters were sharply higher.
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