The upward trend of the New York Stock Exchange launched last November seems unfazed. By early this week, the Federal Reserve Chairman Ben Bernanke has again reinforced the appetite for risk by announcing a continuation of the accommodative monetary policy despite the improved employment situation.

This permanence in the speech of Bernanke, ensuring strong liquidity, push the linear rise of financial markets. Investors continue to shun Treasuries and move almost automatically into risk assets. Some hedge funds are even in the obligation to put liquidity into the markets so as not to see their performances get too far behind.

However, statistics of Richmond Fed, the U.S. consumer confidence and home prices, all slightly below expectations, exhort to be cautious. Meanwhile, the NYSE remains attentive to the situation in the Eurozone, including Spain, which has just confirmed that the recession was still ongoing in the first quarter 2012.

In conclusion, nothing encourages portfolio managers to sale.

Technically, the S&P 500 remains bullish on daily data over the 1390 points threshold coinciding with the 20-day moving average. We will monitor the output of the range 1375/1425 ; a break of 1375 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 crossing points in 1425 weekly closing open the way to 1450 points.