In the United States, last friday,stock markets had sanctioned the numbers relatively disappointing of U.S. employment, investors are again very sceptical face to the political turmoil in Europe. Indeed, the S&P 500 has declined again in the early week following the political developments not reassuring on the eternal Greek case and in the absence of new economic in US.

The upward trend of the S&P 500 seriously starts to falter temporarily depressing the lowest of April that fund managers consider as an important technical factor. Investors feel that the elections in France and Greece announced a period of opposition to austerity, questions in addition to concern about growth in the U.S. and China. The earnings period is over, the macroeconomic developments continue to dictate the trend right now.

Technically, the dynamics of the S&P 500 is now neutral in weekly data within the range 1360/1425 points. A break point of 1360 should lead to a consolidation in the direction of the 1335/1340 points. Only a weekly break of this key level, tested several times in daily data, would result in a larger correction towards 1265 points.

In the upward trend, the crossing points of 1425 points, in weekly closing, open the way to 1475 points.