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- S&P 500: Support at 3489/84 to hold the setback for a move to new record highs - Credit Suisse
S&P 500: Support at 3489/84 to hold the setback for a move to new record highs - Credit Suisse
FXStreet notes that a dramatic Monday saw the S&P 500 breaking key resistance at 3550 to establish a bullish “triangle” pattern as looked for but with the subsequent rotation from Growth/Tech to Value seeing the market retreat from its highs and close at the lows of the session. The S&P 500 setback ideally holds support at 3489/84 to maintain thoughts of a bull “triangle” and strength back to 3645/60, per Credit Suisse.
“We suspect a large portion of the retreat yesterday has been as a result of the Growth/Tech rotation to Value and whilst we think this can lead to some further near-term weakness, we expect Value to outperform and our bias is to view S&P 500 weakness as temporary ahead of a more sustained move higher emerging, in line with our core ‘triangle’ pattern roadmap.”
“Immediate support is seen at 3529/22, below which can see a fall to 3509, then what we look to be better support at 3489/84, with weakness now not extending back below here.”
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