- Analytics
- News and Tools
- Market News
- S&P 500 Index may be close to a peak for this phase of strength - Credit Suisse
S&P 500 Index may be close to a peak for this phase of strength - Credit Suisse
FXStreet notes that S&P 500 remains well supported for now and the spotlight remains on the 4200-level. Economists at Credit Suisse continue to look for a cap here and for a corrective/consolidation phase to emerge.
“Below support at 4118 is needed to mark a minor top to add weight to this view for a fall back to 4068, then 4034/20, where we would then look for a fresh floor. Below though would warn of a more protracted correction lower and a move towards the 63-day average, currently at 3958.”
“Big picture, even if correct, our bias would be to view a pullback/correction from 4200 as temporary and corrective, with a clear break in due course seen opening the door to a move to 4260 next, then 4350.”
“We can often see 10%-15% above the 200-day average as the upper extreme for the S&P 500, which is where the market currently resides.”
“OnBalanceVolume for the S&P 500 remains unable to confirm the new highs and holds a bearish divergence, warning the trend is losing ‘buying power’, adding weight to our view we are approaching a potential peak.”
© 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
