- Analytics
- News and Tools
- Market News
- S&P 500 Index: Corrective pause after a new record high - Credit Suisse
S&P 500 Index: Corrective pause after a new record high - Credit Suisse
FXStreet reports that the S&P 500 Index has pushed to a new record high closing at 3722. With momentum not confirming the new highs and with the market seen in a “euphoric” state, analysts at Credit Suisse look for the 3720/25 area to cap at first. Indeed, the contributors have growing concerns the market may be close to seeing a more concerted pullback/correction.
“The S&P 500 has pushed to a new record high to our 3720/25 next objective, which is capping for now as expected. With the market seen in a ‘euphoric’ state (90% S&P 500 stocks are above their 200-day average) and with daily MACD momentum also turning lower and daily RSI momentum not confirming the new highs, the market is seen in an increasingly vulnerable state, with the threat of a correction lower seen growing steadily.”
“Support at 3691/86 holding can keep the immediate risk higher for now and post some near-term consolidation above 3725 can see strength extend to a cluster of what we expect to be tougher resistances in the 3765/85 zone, from which we will then look for a more concerted effort to see a correction.”
© 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
