The target on S&P ($1,292) has been reached on Friday,
as expected since May 11th, when a Head&Shoulders pattern has
been completed.
The strong bounce of yesterday (+1.60%) proved the investors
reversal sentiment from a key support zone. The Greek problem has been put on
hold until the mid of June, when new elections are planned. This three week
period could turn into a rally on the major international markets, especially
if the US economic data, the FED and the EU officials will sustain the growth.
The first important resistance comes at $1,325 but the
bounce could easily travel towards the $1,350 area in the up coming weeks.
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