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26 Apr 2013
Forex Flash: S&P 500 looks technically bearish ahead - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at the S&P 500 and notes that the pair is technically bearish.
Looking at a daily chart he notes that spot is down on the week and he is flipping to a bearish view. Further, he sees that bandwidth has stalled, suggesting that range bound price action is more likely. he adds that spot has made a double top and the shooting star candlestick is also bearish. He finishes by writing, “RSI also looks to have stalled, suggesting a top is being approached. Our target is 1567 (20D SMA).”
Looking at a daily chart he notes that spot is down on the week and he is flipping to a bearish view. Further, he sees that bandwidth has stalled, suggesting that range bound price action is more likely. he adds that spot has made a double top and the shooting star candlestick is also bearish. He finishes by writing, “RSI also looks to have stalled, suggesting a top is being approached. Our target is 1567 (20D SMA).”