GO
Loading...

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

    › Learn More*

Europe Video

  • Eamonn Butler, director of the Adam Smith Institute, says that despite recent scandals, most bankers should keep their bonuses and politicians shouldn't get involved with running banks.

  • Daragh McDowell, senior russia analyst at Maplecroft, says there's "very little" room for the Russian economy to improve when it is still under sanctions from the West.

  • Cyrus Mewawalla, managing director at CM Research, thinks Apple's latest move to include music-streaming service Beats on all iPhones is a good move as it will surpass iTunes "old-fashioned" downloading service.