The S&P confirmed a strong closing well above the top of the previous session but also well above the key level at 1329,50. The move up already confirmed our target at 1336,10 with more strength possible in the coming hours. The indicators of the daily chart are still well positive but also still showing overbought conditions and potential negative reversals suggesting a limited upside potential. Those of the s/t charts are mixed at the moment suggesting some consolidation. We wait for a possible retest of Friday’s top to go short!!
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S&P Analysis 02/06/2012
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