Our ‘Momentum Indicator’ perked up a little last week – indicating a slight increase in the number of stocks achieving higher prices. This gives cause for optimism that the 1122 level on the S&P 500 index might, soon, be overcome.
Make no mistake about it; that index and that level are pivotal for the future movement of share prices in London as well as on Wall Street.
Nothing has really changed from last week’s analysis; the markets all moved sideways. But perhaps the significant factor is that they didn’t fall back. There is an underlying indication of potential such that if, when, the S&P 500 manages to breakout above that 1122 level we can expect some fireworks.
The S&P itself should rise to 1260 area; the Dow is likely to move up to the 11700 area; the FTSE 250 would be set to move up to the 10500 level and the FTSE 100 to the 5770 level. And these levels may be reached withing a matter of a few days. All dependent on the S&P 500 breaking above the 1122 level!
And it is “if and when” so, for the present, the markets remain rather quiescent – but suggesting that they are building that ‘head of steam’ that we have written about previously.
Individual market commentary and illustrative charts are available at http://www.sharehunter.com/news/market-review/
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