GO
Loading...

Enter multiple symbols separated by commas

Charts Predict: Higher to Go for S&P, Yen, Oil

The S&P 500, yen and oil have higher to go, according to Chris Locke, MD of Oystertrade.com Management, said Wednesday.

For the medium term, Locke sees the U.S. index continuing its rally through until August. If the S&P breaks above the 950-955 area, the rally could continue toward 1,050, he noted.

"But from August onwards I think that we're going to see some more work at lower levels," he told CNBC. "At some stage we're going to see some retrenchment on the stock indexes."

"The yen is showing good long-term strength," Locke said when analyzing the euro-yen chart.

If the Japanese currency breaks below the 131-132.50 level, stock indices will turn downwards, he predicted.

Crude oil "is really showing growth," Locke said on 'Squawk Box Europe'. "The trend remains up and we could go higher."

Oil's rise above $70 a barrel is significant to Locke: "Overall I see that this is a move that could take us even up until the end of the year. But it won't be without corrections."

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • The boom in online ads

    Eleni Marouli, senior analyst at IHS, explains what has driven the growth in online advertising and spending.

  • European shares close lower as Greek vote eyed

    European equities closed lower on Friday as investors looked ahead to Sunday, when a referendum that could affect Greece's future in the euro zone will take place.

  • Limited contagion risk from Greece?

    Stephen Macklow-Smith, European equities portfolio manager at J.P. Morgan Asset Management, discusses European stocks after the market's worst week this year.