The S&P formed last night a positive day reversal after a 1200 undershooting. Only a daily closing tonight above 1220,40 will however confirm a s/t bottom supporting higher levels.
The indicators of the daily chart are still well negative but those of the s/t ones turned already above the line supporting a correction. Having confirmed an hourly closing above 1220,20 we expect the S&P to extend further its move up with the 200 hours line at 1234,66 now the attraction.
We suggest for now staying long for this possible move up. We sell however already a 1225 overshooting while going short in case of a 1230 overshooting without however putting a firm offer for the short position!!
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FUTURE TREND RESEARCH