S&P500: Bullish bias above 1.409
The S&P 500 has been trading sideways in the past four trading sessions, as the market waits for the FED conference on Wednesday. At 1.418 at the time of writing we are currently just below the strong resistance area at 1.420. The market has been ignoring bad news lately and despite the lack of progress on the fiscal cliff a move higher appears more likely than not. The bulls are currently targeting the 1.422 level. The upside penetration of that level would expose 1.426 and 1.420. As long as main support area at 1.409 remains intact there should be no reason for the bulls to worry. In the alternative scenario, a break below 1.409 could open the door for 1.397 and 1.393. Onto the main topics of today the focus will be on the German ZEW Survey during European hours. Later today eyes will be on the US International trade and the US Redbook figures.
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