Equity markets have seen a few positive
days lately and the SP500 index has risen 6 per cent from last week’s lows. On
Friday, it was trading 1 per cent higher during the London session and it was
trying to jump above the 2,765 USD level, where the 200-day moving average is located.
The index staged an impressive rally,
mainly due to heavily oversold conditions. However, if the price remains below
the mentioned 200DMA, the long-term trend could still be bearish. Therefore,
the battle for the 2,765 USD level may be the key event.
If the price jumps back beyond, the trend may
switch to bullish again, with the next target at 2,795 USD and the next level
at the 100-day moving average near 2,820 USD.
On the downside, support is located
currently near 2,740 USD and while above, the intraday outlook seems to look
bullish. The next buying zone could be near 2,720 USD.
The end of year is a seasonally strong
session for stocks every year, also known as the Santa Claus rally and
therefore, if the index jumps above the 200DMA, we could see another strong
rally this year.
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