HSBC: Currencies: Technical Analysis: 1346 S&P 500 key pivot.

1346 in the S&P 500 is the key pivot for macro markets. If the index rallies above that level it is probable that a “risk on” environment will dominate. However, if the market remains below 1346, a continued “risk off” theme is probable. 1.4423 to 1.4455 is stiff medium term resistance in EUR-USD.

 

 

HSBC Global Research