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S&P 500: Upside prevails

With the NYSE and other US financial markets re-opening today and the S&P 500 having got a boost off of the 1400 in the meantime, there is a lot volatility expected today in the market. S&P 500 remains in bullish mode this morning with the bulls holding the market around the 1420 area at the time of writing. With US elections just around the corner we expect the bullish sentiment to continue on the short term. Bulls will be focusing on the near term resistance levels seen at 1433 and 1446. With the RSI stuck against a major resistance around 70% on the 30 min chart though, be very cautious should the market approach the strong support area at 1390. Onto the main economic releases of today and the focus of trade will be on US MBA Purchase Applications and the US Employment Cost Index.

Dafni Serdari
Market Aanlyst
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