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- S&P 500 Index: Close below key support at 3792/74 to trigger a deeper setback - Credit Suisse
S&P 500 Index: Close below key support at 3792/74 to trigger a deeper setback - Credit Suisse
FXStreet reports that S&P 500 remains capped at its near-term downtrend and analysts at Credit Suisse continue to look for a more protracted consolidation/corrective phase to emerge. The spotlight turns back to key flagged supports at the 63-day average and early February price gap at 3792/74, a close below which should clear the way for a deeper setback.
“We continue to look for a more protracted consolidation/corrective phase to unfold, but with the risk now seen growing steadily that we are in fact set for a deeper correction lower.”
“Key flagged support remains seen at 3792/74 – the early February price gap, rising 63-day average and recent low. A close below here should clear the way for a fall to potential trend support at 3735/34, with the real risk for an overshoot to the late January low at 3694. A sustained move below here would warn of a more concerning top.”
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