- Analytics
- News and Tools
- Market News
- S&P 500: Bearish reversal day raises the risk of a correction lower - Credit Suisse
S&P 500: Bearish reversal day raises the risk of a correction lower - Credit Suisse
FXStreet reports that analysts at Credit Suisse note that the S&P 500 Index has completed a bearish reversal day after again failing to hold above the beginning of the large February gap at 3260 and the risk for a swing lower within the broader range has grown sharply, with a move below 3198 seen marking a near-term top.
“The S&P 500 has retested and rejected near-term resistance at 3279/81 and not only is the market yet again back below the lower end of its large February price gap at 3260, but yesterday saw a bearish ‘reversal day’ complete.”
“With Nasdaq 100 still holding its bearish ‘reversal day’ from the beginning of last week and with growing signs of ‘risk-off’ elsewhere, the risk is seen building again for a retracement lower here. Key near-term support is seen at its 13-day average at 3215/11, with a break below 3200/3198 needed to confirm a near-term top. This would then open the door to a swing lower within the broader sideways range with support seen next at 3173, ahead of 3154 and then more importantly 3127.”
“Resistance is seen at 3248 initially, above which can see a move back to 3266. Above 3279/81 though is needed to reassert an upward bias again, with the top of the February gap seen at 3328/38.”
© 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
