Market news
29.06.2020, 10:57

S&P 500: Close below 200-DMA at 3021 to unfold further weakness - Credit Suisse

FXStreet notes that the S&P 500 has finally closed below the 3021 200-day average with OnBalanceVolume now also turning lower and close to completing a top. Next support is seen at the June low at 2966, then the 63-day average at 2917/14, per Credit Suisse.

“S&P 500 has finally closed below its 200-day average and on a weekly basis, currently seen placed at 3021, with OnBalanceVolume now also turning lower and on the cusp of completing a top. With a bearish ‘island top’ already in place, as well as daily MACD momentum, having turned lower we continue to look for a more concerted correction lower to emerge.” 

“Support is seen next at 2987 then more importantly at the June low at 2966. Beneath here can see a further price top complete to further reinforce the likelihood for further weakness with support seen next at the 63-day average and top of the price gap from mi-May at 2917/14. Whilst we would look for this to hold at first, our ‘ideal’ roadmap is for an eventual test of the 38.2% retracement of the entire rally from March at 2835.” 

“Near-term, resistance is seen at the 200-day average at 3020/24 and whilst below here the immediate risk is seen lower. Above can see resistance next at 3039/46, then 3082/86, which we look to now ideally cap.”

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location