The NYSE continues to advance without real evolution for several weeks, alternating bullish and bearish phases. It remains divided between an unpredictable global macroeconomic situation and robust results especially in the United States.

The further contraction of PMI in China and in the Eurozone urges, in earlier this week, many U.S. operators to be cautious. The continued global economic downturn and the renewed concerns about the European debt focus the attention of investors whose initiatives are limited. The market wait, in parallel, for the outcome of the monetary policy meeting of the Federal Reserve today.

However, the good news of American companies maintain the SP & 500 in a horizontal consolidation phase. The majority of companies continue to exceed the expectations of analysts which is an important supporting factor. In particular, the market welcomed the 3M group's performance, the net income increased 4% to $ 1.1 billion in the first quarter, better than expected with “record” sales. Similarly, Apple swept last night the recent doubts by publishing stratospheric results.

Technically, the dynamics of the SP 500 is bullish on weekly data over the 1340 points threshold price coinciding with the 20-week moving average. We will monitor the breakout of the range 1360/1425; a break of 1360 should lead to a consolidation in the direction of the 1335/1340 points. Only a break of this key level repeatedly tested in daily data would result in a larger correction towards 1265 points. On the upward trend, the crossing points of 1425 in weekly closing open the way to 1475 points.