- Analytics
- News and Tools
- Market News
- S&P 500 Index still seen having scope to extend its rally toward resistance at 4,513/4,535 – Credit Suisse
S&P 500 Index still seen having scope to extend its rally toward resistance at 4,513/4,535 – Credit Suisse
S&P 500 may yet test resistance at 4,513/35, but analysts at Credit Suisse continue to look for a cap here.
Direct break above 4,535 to suggest we can see a further acceleration higher
We still see scope for a test of resistance next at 4,513/4,535 – the 78.6% retracement of the 2022 fall and late April 2022 high. We continue though to look for a fresh attempt to set a cap here for a consolidation/corrective phase, especially if a new high is not confirmed by weekly RSI momentum.
Below support at 4,350/28 is needed to ease the immediate upside bias to suggest a correction lower has already begun, with support then seen next at 4,261/41, and more importantly at the rising 63-day average, currently seen at 4,192. Only a close below here though would be seen to suggest a more important peak has been posted, for support next at 4,104.
A direct break above 4,535 though would suggest we can see a further acceleration higher with resistance seen next at the 4,636 March 2022 high, potentially even the 4,819 record high.
© 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
