S&P 500 has seen an aggressive rejection from a cluster of resistances at 3902/12. Analysts at Credit Suisse look for a retest of key support from the 200-week average at 3620/19.
“S&P 500 has seen an aggressive sell-off on increased volume from the late September high, falling 63-day average and 50% retracement of the fall from September at 3902/12. The magnitude of the rejection and break of near-term support at 3804 is seen to reinforce our core view recent strength has been a corrective bear market rally only, with an important peak now in place, although we would see this rejection further confirmed if sustained post the payrolls report this Friday.”
“Support is seen next at the 38.2% retracement of the October/November rally at 3751, below which should see a fall to support next at the 3652/47 late October low and then a retest of the key 200-week average at 3620/19.”
“Resistance is seen at 3802/04 initially, with 3840 ideally capping to keep the immediate risk lower. The 3894/3912 zone though is clearly expected to remain a major barrier.”
© 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.