The S&P failed to confirm Thursday’s positive day reversal but at least it remaining above the 1208,50 level. The weekly closing was instead weak!!
The indicators of the daily chart are still well negative and also those of the weekly one returned negative suggesting further downside risk. The indicators of the s/t charts are also negative keeping the index under pressure.
Only an hourly closing above 1215,00 will postpone further weakness favouring a retest of the 1224.80 area. A break above this level will instead postpone the negative scenery favouring an extension of the correction toward the 200 hours line at 1232,55.
The S&P stopped on Friday ahead of our selling level that we keep therefore now. We start putting however also a stop at 1197,50, stop and reverse with profit at 1188,50!!
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FUTURE TREND RESEARCH