FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at the S&P 500 from a purely technical perspective.

Looking at a daily chart, Amen begins by noting that the S&P 500 is higher on the week and he is retaining his bullish view. However, despite there being an overnight doji, he notes that other reversion candlesticks have been ignored by price action recently (ie shooting stars, hanging men etc). Amen also notes that RSI is in overbought territory suggesting that momentum is still on the up. He comments that RSI needs to decline to confirm a top. Elsewhere he can see that bandwidth is flattening, suggesting that the move higher is likely to be a grind. He sets his weekly target at 1515, just above the upper Bollinger band.