S&P 500 : Down 1% at the opening
Bearish under 1668 PTS
Target price: 1600 PTS
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After welcoming Ben Bernanke’ speech before the U.S. Congress, the S&P 500 known a downward reversal following the release of the FOMC Meeting Minutes, closing down 0.83% at 1655 points.
Bernanke had indeed confirmed that the Federal Reserve will continue its asset purchases program until the economy shows signs of significant recovery. Fed’s minutes have, on contrary, highlighted differences of opinion, several of its members asking for a change of monetary policy next month.
As for statistics, Unemployment Claims stood at 340K against 347K expected.
Operators are still waiting for New Home Sales at 10 am EST (consensus 429K).
The S&P 500 is expected down 1% approximately.
Graphically, it should therefore test at the opening the 1640 points area. In the absence of positive reaction at this level, 1625 points then 1600 points would be the new downward targets.
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