- Analytics
- News and Tools
- Market News
- S&P 500 Index has the February highs at 4590/95 in its crosshairs – Credit Suisse
S&P 500 Index has the February highs at 4590/95 in its crosshairs – Credit Suisse
The S&P 500 Index managed to close last week above its key 63 and 200-day moving averages (DMA) seen at 4482 and 4477 respectively. Next resistance is seen at the 61.8% retracement of the 2022 fall at 4550, then the February highs at 4590/95, strategists at Credit Suisse report.
Although volume remains worrying light, the immediate risk is still seen higher
“Whilst volume remains light to suggest this is still a rally within a broader range, we continue to see scope for a move above here to test the February highs at 4590/95, but we would expect a fresh cap here. Should strength directly extend though, we would look for a move to next resistance at the 78.6% retracement and price resistance at 4663/68.”
“Near-term support moves to 4501, then 4485/77, with the immediate risk seen staying higher whilst above the 4456 recent reaction low. Below here can mark a minor top to ease the immediate upside bias for a fall back to the 13-DMA and low of last week at 4424/21.”
© 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
