S&P 500 Confirming New Short-Term Corrective Movement
Victor Benndorf | Apr 05, 2017 12:50AM ET
Short-term correction
The main US index is confirming a new short-term corrective movement with the loss of supports and moving averages on daily charts. Immediate target at 2,320 points.
However, it should be emphasized that this movement does not compromise the uptrend and the long-term BULLISH recommendation.
A solid resistance breakout at 2,370 should end this short-term correction and start a new uptrend.
How does this affect us? The IBOV has some correlation with the global flow and a selling movement on US markets may take some of our buying pressure.
Conclusively, a positive reversal in the S&P500 should contribute to the buying strategies here in Brazil.
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