- Analytics
- News and Tools
- Market News
- S&P 500: Threat of a corrective setback remains - Credit Suisse
S&P 500: Threat of a corrective setback remains - Credit Suisse
FXStreet notes that the S&P 500 Index has yet again held above key support at 3205/3198, which reduces the topping threat somewhat, although economists at Credit Suisse still lean towards a breakdown below this level on balance.
“S&P 500 moved higher on Thursday as the market saw a sharp intraday reversal back higher after yet again holding support from its rising 13-day exponential average, now at 3225 as well as the range lows at 3215/3198. This leaves the market still trapped in its range and whilst we remain of the view the threat of a correction lower remains in place, this threat is somewhat reduced given the market’s ongoing resilience above key supports.”
“We need to see a close below 3225 to see the topping threat increase again, although only below 3205/3198 would finally see this confirmed, with support then seen initially at 3173. Above 3265/66 would instead open the door to a retest of the ‘reversal day’ high and price resistance at 3279/81.”
“Ultimately we need to see above 3279/81 to ease the threat of a corrective setback for an extension of the rally with resistance seen next at 3288 and the more importantly at the top of the February price gap 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
