S&P 500 futures likely to consolidate further - Natixis

Micaella Feldstein, Research Analyst at Natixis, explains that the S&P 500 futures contract proved unable to hold gains above important technical threshold at 2447 (daily Bollinger upper band) and eventually reversed downside.

Key Quotes

“The daily indicators have turned around and as the weekly stochastic remains close to the overbought territory, it is likely that the contract will consolidate further.”

“We’ll keep a lookout at the support at 2420 (daily parabolic) whose break would lead to 2400-2410 (daily Bollinger lower band) even to the 2372-2380 area (weekly Bollinger moving average).”

“The resistances stand at 2447, at 2455, at 2462-2467, at 2478 and at 2493-2500.”