- Analytics
- News and Tools
- Market News
- S&P 500 Index to go through further near-term consolidation - Credit Suisse
S&P 500 Index to go through further near-term consolidation - Credit Suisse
FXStreet reports that the Credit Suisse analyst team suggests that the S&P 500 Index has scope to see further near-term consolidation but the broader trend still leans higher for an eventual move to 3900.
“S&P 500 has removed near-term price and 13-day average support at 3777/65 and although a bullish ‘outside week’ remains in place this raises the prospect of further near-term consolidation/corrective weakness prior to the broader uptrend resuming.”
“Resistance is seen at 3785/89 initially, with a break above 3796 needed to ease the immediate downside bias for a retest of the 3827/23 highs. Above here remains needed to reassert the core uptrend with resistance seen next at 3866/68 and eventually the ‘measured triangle objective’ at 3900, from which we will then look for a lengthier consolidation/correction to emerge.”
“Support moves to 3750 initially, then the lower end of the recent price gap at 3742/38. Beneath here can further increase the immediate downside risk for a fall to 3705/3695, but with fresh buyers expected here.”
© 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
