Market Outlook 21st June - 25th June

- US:
From a technical point of view on the S&P 500: daily indicators are turning up. The rise above 1110 has opened the way to a larger bounce to 1130 (50% retracement of the last down move) and then 1051 (61.8%), a key level to break to see further upside. Alternatively, a break below 1085 (just below the rising 20d MA) would reinstate the broad index in its consolidating range.

- EUROPE:
European markets extended their bounce last week helped by shares in the Banks (+5.98%), Insurance (+4.4%) and Media (+3.46%) sectors. On the STOXX 600, the close above the 253 level should allow the index to rise to 260 & 265 at first. Daily indicators are reversing up and only a break of the 244 would reinstate the index in a downside mode.


Foreign Exchange

Euro/dollar: The pair has rebounded on its support but stands below its new resistance. SHORT below 1.2650 towards 1.1750 & 1.12. ...