The S&P 500 recorded in April its first negative monthly performance since November after some economic indicators showing a slowdown in U.S growth and a return in front position of the debt crisis in the Eurozone.

Beginning of this week is marked by good news with an unexpected growth in manufacturing in the United States, according to purchasing managers index of the Institute for Supply Management (ISM), as investors nervously awaited a fall. Meanwhile, in China, the manufacturing index calculated by HSBC and research firm Markit rose to 49.3 in April, against 48.3 in March, also indicating an improvement of the Chinese economy after the rapid slowdown in recent months.

While the Fed remains divided on further easing measures to support the economy, investors will keep their attention on the much-anticipated report on employment at the end of the week. It should allow financial operators to regain the initiative on a trend that remains sluggish for several weeks.

Technically, the dynamics of the SP 500 is bullish on weekly data over the 1340 points threshold coinciding with the 20-week moving average. We will monitor the output 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 level key repeatedly tested in daily data would result in a larger correction towards 1,265 points. On the upside, the breakout of the 1425 points in weekly data will open the way to 1475 and 1550 points.