The S&P 500 could be due for an upswing toward 1,157 points in the short-term, but investor momentum is waning so a rise to that level would signal an “excellent” selling opportunity, Roelof van den Akker, chartist at ING Wholesale Banking, told CNBC.
“We could see a possible short-term upward rise above resistance line for a test of this horizontal resistance at 1,157 (points), but also here we see this loss of momentum … as long as this continues we should also expect the development of a trend change sooner or later,” Akker said.
Akker recommends selling the S&P if it rises to 1,120 points or possibly 1,157 points. The move could prove to be “an excellent selling opportunity,” Akker said.
Watch the video above to see Akker’s view on Germany’s DAX index.
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