S&P 500 futures to take a breather in the next few days - Natixis

Micaella Feldstein, Research Analyst at Natixis, explains that the S&P 500 futures contract can take a breather in the next few days after it failed to break lastly above the 2400 area, all the more so as the daily indicators have turned around. 

Key Quotes

“Against this backdrop, we expect a pullback to a support at 2373 (daily Bollinger moving average). Caution will be in order as a break of this support would undermine the daily upside channel, signaling a deeper correction move to 2354 (gap which was opened on April 24) and to 2325-2334 (daily Bollinger lower band).”

“The resistances are at 2400-2403, at 2427-2436, at 2457 and at 2477-2483.”