- Analytics
- News and Tools
- Market News
- S&P 500: Key support seen at 2835 below the 200-DMA at 3024 - Credit Suisse
S&P 500: Key support seen at 2835 below the 200-DMA at 3024 - Credit Suisse
FXStreet reports that analysts at Credit Suisse note that S&P 500 moved back higher late in the session on Thursday, however focus remains on the crucial 200-day average at 3024/21 as a break below here would suggest the correction can extend further.
“S&P 500 reversed back higher on Thursday late in the session, moving back into its prior tight range after holding above the key 200-day average at 3024/21. However, the recent ‘island top’ and turn lower in daily MACD momentum keeps us biased towards further consolidation and likely a deeper correction lower.”
“The 200-day average at 3024/21 remains crucial, as a close below here would confirm that a more concerted correction lower can indeed emerge, with the next support then seen at the 2966 low, before the 38.2% retracement of the entire rally from March at 2835. We will be watching closely if MACD turns outright negative and whether volume picks up should the market continue lower to determine whether or not we are dealing with a more concerted setback.”
“Near-term resistance now moves to the 13-day exponential average at 3094, above which would neutralize the recent downside pressure and expose the next short term resistances at 3115, then the prior range top at 3153/56.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
