The Swiss team’s latest technical report below. They are sticking their prior view of a topping process. 1340 as a team nerm target before a retest of the recent highs before a may-ish resumption of the cyclical bear. In my view we are likely for a setback here and now. I have no set view on any following re test of the recent highs. Historically however the sell in May rule is the probable event and this year could well be no different. Commodities look be rolling over here as does the AUDUSD. Finally worth noting that the guys have altered their downside targets in view of the breakout of the KBX (banking index).
“Potential weakness into summer in the SPX will be much milder than favoured in our 2012 strategy report”.
Here the report.
Rich
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