- Analytics
- News and Tools
- Market News
- S&P 500 Index to stage a sustained move lower towards 3235/3195 – Credit Suisse
S&P 500 Index to stage a sustained move lower towards 3235/3195 – Credit Suisse
S&P 500 has closed at a new low for the year. Analysts at Credit Suisse stay bearish for a conclusive break below the 200-week average for a fall to 3505/3494 and then 3235/3195.
Initial resistance seen at 3646
“With volume rising as the market falls we maintain our core negative outlook and we look for a clear and closing break below the 200-week average, currently at 3589, with support then seen next at the Q1 2020 pre-pandemic high and 50% retracement of the 2020/2021 uptrend at 3505/3494.”
“Our core objective remains the 3235/3195 support cluster, which includes the 38.2% retracement of the uptrend from the 2009 low.”
“Resistance is seen at 3646 initially, with 3671 ideally capping to keep the immediate risk lower. We shall though maintain an immediate tactical negative stance whilst below 3737/58.”
© 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
