S&P 500 (Technical Update March 6, 2014)

S&P 500
Yahoo Finance

Another quick update on the S&P 500. Despite worries in Ukraine (worries did come down a bit) the index has broken out of the resistance at around 1,850. The candle pattern on March 4th looks extremely bullish and at this point it seems like S&P would continue to make newer highs.

The last two trading days saw sideways movements without any significant pullback which is usually common when breakouts occur.

My call would be to stay long.

Disclosure: I have no position on the S&P 500

Asif Khan, CFA

Asif Khan is presently a Research Analyst (Financial Sector) for Exotix which is a frontier market focused investment bank. He has more than 6 years of work experience as equity analyst in both buy and sell side roles across Asian frontier markets. Asif is a CFA Charterholder and has a dual major in Finance & Economics from North South University.

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