Forex Flash: S&P 500 looks bearish ahead - Nomura

Nomura Strategist Saeed Amen has taken a look at the S&P 500 from a purely technical perspective.

He begins by noting that on the week, spot is lower and he is flipping to a bearish view. Looking at a daily chart he sees that having failed to break the upper Bollinger Band twice this week, he thinks that a short term top has been reached. he sees that Bollinger Bandwidth is low, suggesting that it is likely to range. Further, he adds that RSI is also fairly neutral, which is supportive of range trading. He sets his target at 1491 where the lower Bollinger Band lies.