- Analytics
- News and Tools
- Market News
- S&P 500 Index to suffer a substantial drop towards 3855/15 on a break below 4199 – Credit Suisse
S&P 500 Index to suffer a substantial drop towards 3855/15 on a break below 4199 – Credit Suisse
The S&P 500 is on course to retest the 4223/4199 key support cluster. The risk for a break below here is seen rising sharply, which would open up further losses towards 3855/15, analysts at Credit Suisse report.
Weekly RSI holds a major top
“We maintain our negative outlook for a retest of a cluster of supports at 4223/4199. Although a fresh hold here should be allowed for, downside risks are seen increasing and with weekly RSI momentum maintaining a large top we are now biased to a break lower.”
“Below 4199 on a weekly closing basis would complete a large ‘head & shoulders’ top to warn of a further fall to the 38.2% retracement of the entire 2020/2021 bull trend at 3855/15.”
“A close above 4595 remains needed to ease the threat of a top.”
© 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
