special study update - s&p500
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8/6/2019 Special Study Update - S&P500
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MIG BANK 14, rte des Gouttes d’Or CH-2008 Neuchâtel SwitzerlandTel +41 32 722 81 00 Fax +41 32 722 81 01 info@migbank.com
SPECIAL STUDY UPDATE
S&P 500 – Trend reversal targets 1010.91, then 956.23. By Bijoy Kar, CFA
www.migbank.com
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SPECIALREPORT05 August, 2011
www.migbank.com
S&P 500 – Further weakness targets the 950 region.
We published an earlier special study discussing the link between the USDindex and the S&P500 index which warned about the potential for a
reversal in the US equity markets. This report serves as a refresher and a
look at where the S&P500 may wind up in the weeks ahead.
As was detailed in our report in May the S&P500 has met a major
extension target at 1337.63, the 161.8% extension of the 666.79-956.23rise from 869.32.
It has since transpired that a weekly head and shoulders reversal pattern
formed just below this region. Yesterday saw a break under the neckline
of this pattern, which also coincides with the support of a multi-month
channel and the 50 week moving average.
This now warns of a trend reversal. We see scope for a continuation of
weakness to target 1010.91 (01/07/2011 low, close to the 50% retrace of
the 666.79-1370.58 rise) initially and then 956.23 (11/06/2009 high, close
to the 61.8% retrace of the 666.79-1370.58 rise).
With this in mind we would look to sell into strength close to 1250, just
beneath the neckline of the head and shoulders formation. Only back over
1356.48 will end our bearish bias.
EUR/ USD
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com , Phone: +41 32 7228 424
S&P 500
S&P 500 weekly chart, Bloomberg Finance LP
S&P 500 daily chart, Bloomberg Finance LP
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SPECIALREPORT05 August, 2011
www.migbank.com
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Notes: Entries are in 3 units and objectives are at 3 separate levels where 1
unit will be exited. When the first objective (PT 1) has been hit the stop will be
moved to the entry point for a near risk-free trade. When the second objective
(PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All
orders are valid until the next report is published, or a trading strategy alert is
sent between reports.
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SPECIALREPORT05 August, 2011
www.migbank.comBjioy KarTechnical Strategistb.kar@migbank.com
14, rte des Gouttes d’OrCH-2008 NeuchâtelTel. +41 32 722 81 00
MIG BANK info@migbank.comwww.migbank.com
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