The SP 500 is showing signs of slowing down more and more persistent when approaching key resistance of 1355/1365 corresponding to the summits of the year 2011.

The only bullish context of recent weeks seems, indeed, be in the process of gradually ended. Thus, despite U.S. data generally above expectations, the U.S. index has significantly reduced its earnings yesterday after the session. Financial investors were disappointed by the comments of the Federal Reserve, that several members were opposed to the implementation of a QE3.

The increase of nearly 20% of U.S. volatility index over the last ten days reflects the increasing nervousness and declining optimism of U.S. investors. Caution is reinforced again especially in a context of stagnation of the Greek situation.

Technically, the dynamics of the SP 500 is bullish on daily data over the 1330/1335 points threshold coinciding with the 20-day moving average or even above 1340 points (lower ascending uptrend started in late November 2011). Near the key threshold of the 1355/1365, operators began to doubt these days. We will monitor the output range of 1335/1365,a break of 1335 should lead to greater consolidation in the direction of 1300 and 1265 points. On the upside, the crossing of 1355/1365 points would open the way for 1400 points in the first place.