S&P 500 - break of 2340-2346 would add weight to our bullish view - Natixis

Omkar Godbole FXStreet Contributor

Natixis Technical Research note sees a potential for a rally to 2360-2367 post a break above 2340-2346 levels.

Key points - ST to MT view

The break of 2297-2304 and 2327 has unleashed strong upside potential, favouring the emergence of an upside bubble on the daily chart. The weekly stochastic was also able to pick up and upside parallels are still intact on the weekly chart.

Against this backdrop, a stronger recovery sounds very likely. The break of 2340-2346 would add weight to our bullish view, paving the way for an extension of the upside to 2360-2367 (weekly Bollinger upper band) ahead of 2404-2412.

The supports stand at 2320-2327, at 2297-2304, at 2267-2280, at 2253 and at 2230.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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