Research (Investicniweb.cz)
World markets  |  September 22, 2012 09:32:01

S & P 500: Technical Analysis and Outlook to next months



The S & P 500 jumped last week in response to the open-ended program of quantitative easing. He came as the new year's highs. At the same moves over all the major (exponential) moving averages to slightly increase. MACD remains above the trigger line (is positive). ROC20 continued to grow, ROC60 20denním above its moving average. RSI jumps above the overbought threshold (70 points). Overall, technical indicators are slightly positive, but raises caution overbought on RSI. We expect that the index will soon test the upper boundary of the growing trend channel, which probably exceeds and falls back into the trend channel.

The S & P 500 after the rally of recent months (from early July index added about 8%) is the highest value since the end of 2007. About that helped him recently announced support measures central banks (Fed, ECB, Chinese and Japanese central bank) and the condition of American society, which continues to thrive solid deal with the pitfalls of the current global economy.

The award shows to record risk premium of equities to yield ten-year U.S. government bonds, but this is to some extent influenced by the bond purchase by the Fed. This gives support to the argument that, without us znatelnějšího decrease pro forma earnings index pronounced drop of waiting.

On the other hand, the recent rally has reduced much of the expected growth potential of the end of the year, forcing investors to ignore a bit still unresolved risks.Therefore, we think that the growth momentum can persist for several weeks, but after waiting a tendency to decline, and we expect the index is to be concluded later this year around current levels.

S & P 500 - Technical Analysis

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