- Analytics
- News and Tools
- Market News
- S&P 500 Index: Weekly close below 4428 to warn of further weakness towards 4387/64 – Credit Suisse
S&P 500 Index: Weekly close below 4428 to warn of further weakness towards 4387/64 – Credit Suisse
The S&P 500 remains on course to the 200-day moving average (DMA) at 4438/28. Whilst analysts at Credit Suisse continue to look for an attempt to stabilize here, a weekly close below 4428 would warn of a more damaging downturn with next support seen at 4387/64.
Initial resistance is seen at 4495
“We maintain our negative bias for our core objective of the key long-term 200-DMA, currently at 4438/28. Whilst our bias remains to look for stabilization here, a close below 4438/28 would be seen to raise the prospect for further weakness yet with support seen next at the 78.6% retracement of the rally from last October at 4396, then gap support at 4387/64.”
“Of concern specifically for the S&P 500 is the weekly RSI momentum picture which if sustained into the close today would complete a major top. If confirmed, this would suggest that a rebound from the 200-DMA, if indeed even seen, is likely to be temporary.”
“Resistance is seen at 4495 initially, then 4532, with the immediate risk seen staying lower whilst below 4602/12.”
“VIX above 27.40 would warn of a further rise to 35.00.”
© 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
