Special Study Update - S&P500

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SPECIAL STUDY UPDATE

S&P 500 – Trend reversal targets 1010.91, then 956.23. By Bijoy Kar, CFA

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SPECIALREPORT05 August, 2011

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S&P 500 – Further weakness targets the 950 region.

We published an earlier special study discussing the link between the USDindex and the S&P500 index which warned about the potential for a

reversal in the US equity markets. This report serves as a refresher and a

look at where the S&P500 may wind up in the weeks ahead.

As was detailed in our report in May the S&P500 has met a major

extension target at 1337.63, the 161.8% extension of the 666.79-956.23rise from 869.32.

It has since transpired that a weekly head and shoulders reversal pattern

formed just below this region. Yesterday saw a break under the neckline

of this pattern, which also coincides with the support of a multi-month

channel and the 50 week moving average.

This now warns of a trend reversal. We see scope for a continuation of

weakness to target 1010.91 (01/07/2011 low, close to the 50% retrace of

the 666.79-1370.58 rise) initially and then 956.23 (11/06/2009 high, close

to the 61.8% retrace of the 666.79-1370.58 rise).

With this in mind we would look to sell into strength close to 1250, just

beneath the neckline of the head and shoulders formation. Only back over

1356.48 will end our bearish bias.

EUR/ USD

Bijoy Kar, Technical Strategist, E-mail: [email protected] , Phone: +41 32 7228 424

S&P 500

S&P 500 weekly chart, Bloomberg Finance LP

S&P 500 daily chart, Bloomberg Finance LP

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Notes: Entries are in 3 units and objectives are at 3 separate levels where 1

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www.migbank.comBjioy KarTechnical [email protected]

14, rte des Gouttes d’OrCH-2008 NeuchâtelTel. +41 32 722 81 00

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Special Study Update - S&P500