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- S&P 500 Index: Resistance at 3946/70 to cap to maintain short-term downward pressure – Credit Suisse
S&P 500 Index: Resistance at 3946/70 to cap to maintain short-term downward pressure – Credit Suisse
S&P 500 is edging higher. However, analysts at Credit Suisse look for key resistance at 3946/70 to cap the market to keep the short-term risks skewed lower over the next two-four weeks.
Technical indicators point to further weakness on a 2-4 week horizon
“S&P 500 is expected to remain capped below the top of this trend channel at 3946/70, with further short-term weakness over the next 2-4 weeks.”
“Support is seen at 3842/39, below which would open up a retest of the 3637/33 low 2022 low. We note that the next support below here is seen at 3600/3594, then the key 50% retracement support at 3522/3500, which now coincides with the bottom of the aforementioned trend channel.”
“Resistance is seen at 3946, then the bottom of the price gap from June and the channel top at 3970/74, which we look to cap to maintain the short-term downward pressure on equity markets. A break would significantly improve the short-term technical outlook, with the next key resistance seen at 4017/19, then 4074/4088, which includes the 63-day average.”
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