Market news
07.07.2020, 11:40

S&P 500: Resistance at 3190/92 to cap for now - Credit Suisse

FXStreet reports that analysts at Credit Suisse note that S&P 500 strength has extended to next flagged resistance at 3190/82 which is expected to cap near-term to maintain a high-level consolidation range with support seen at 3155.

“The S&P 500 has extended its recovery to just shy of our next flagged resistance from the top of the price gap from early June and potential downtrend from March at 3190/92 and we continue to look for this to cap for now for a fresh move lower in the broader high-level consolidation range.”

“Support is seen at 3165 initially, then 3155, below which is needed to ease the immediate upside bias for a fall back to the lower end of the price gap from yesterday at 3130/25, with fresh buyers expected here. A break can see a retest of the 13-day average, currently at 3105.” 

“Above 3192 can see the risk stay directly higher with resistance seen next at the 3223/33 June highs. Above here can open the door to a challenge on what we see as more important and tougher resistance from the February ‘pandemic’ gap, seen starting at 3260.”

© 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