- Analytics
- News and Tools
- Market News
- S&P 500 Index holds key 3855/15 support cluster, arguing for further consolidation – Credit Suisse
S&P 500 Index holds key 3855/15 support cluster, arguing for further consolidation – Credit Suisse
S&P 500 posted a late bullish “hammer” reversal into the close on Friday to hold above the key 3855/15 support cluster. This reasserts the potential for further short-term consolidation over the next few days, but the broader risk is still biased lower, in the view of analysts at Credit Suisse.
Eventual break under 3855/15 can see support at 3505/00
“S&P 500 has resultantly formed a bullish ‘hammer’ candlestick reversal and with a short-term bullish momentum divergence now in place, and with US Bond Yields and the USD stabilizing, all this reasserts the potential for a short-term phase of consolidation.”
“Key resistance is seen at the falling 13- day exponential average, now at 4002. Whilst below this level, this will just stay seen as a low-level consolidation, with medium-term downside momentum staying strong. Therefore, the risk of an eventual breakdown stays seen as elevated, with the next key support level at the cluster of price lows around 3723/3694 and eventually down to 3505/00.
“Key resistance stays at the aforementioned 4002 13-day exponential moving average. A break above here would open up a deeper corrective recovery, with resistance then seen at 4091/4128.”
© 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
