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Bear squeeze could push S&P higher

Created:
17 March 2008
Written by:
Tarquin Coe

Sentiment on Wall Street is at rock bottom, says Tarquin Coe at Investors Intelligence.

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Our Advisors Sentiment Survey has plunged to the same bearish extreme as at the 2002 bear-market bottom. Risk is now to the upside and a bear squeeze may be imminent. If the index rallies, 1423 would be a logical target, as this is where lateral and downtrend resistance, the 200-day exponential moving average and a 50 per cent retracement of the five-month correction converge.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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