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- S&P 500 Index finds at 3846 for the risk to turn higher again - Credit Suisse
S&P 500 Index finds at 3846 for the risk to turn higher again - Credit Suisse
FXStreet notes that S&P 500 setback has been held by support as expected from the rising 63-day average, now at 3846, and analysts at Credit Suisse continue to look for this to remain a floor and for the risk to turn higher again in the broader range.
“The S&P 500 sell-off has stabilized at the 50% retracement of the March rally and gap support at 3854/52, with the key rising 63-day average now just below here at 3846. We continue to look for this to remain a better floor and look for the risk to try and turn back higher from here.”
“Resistance moves to the short-term downtrend at 3920/25 initially, above which should add weight to this view for a move back to 3955.”
“Support is seen at 3901 initially, 3881, below which can see a retest of 3854/46. With a fresh floor expected here.”
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