S&P 500 Needs Close Above 1,083 for Gains: Technical Analysis

(Bloomberg) -- The Standard & Poor’s 500 Index needs to rise about 1.5 percent and close above the 1,083 level before the eight-month equity-market rally can continue, according to the head of technical analysis at Mint Equities Ltd. The convergence of the so-called long-term downtrend and the medium-term channel suggests that the “preference to sell into the ongoing recovery” will reverse if the benchmark gauge for U.S. stocks has a “clear close” above 1,083, London-based Geoff Wilkinson, who looks at charts to forecast price movements, wrote in a report today. He said that 1,085 would be an acceptable closing level to trigger the change.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1DTOcJEI3g4