S&P 500 Index to find a floor above 200-DMA and 38.2% retracement support at 3940/27 – Credit Suisse
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
S&P 500 has fallen to key 200-Day Moving Average support and the 38.2% retracement of its rally at 3940/27. Strategists at Credit Suisse remain biased to look for a floor here.
“We continue to look for the 200DMA and the 38.2% retracement of the 2022/23 upmove at 3984/27 to hold in line with our view that this a temporary setback.”
“Above 4081/91 is needed to add weight to our view for strength back to 4195/4203, then what we look to be tougher resistance at the 61.8% retracement of the 2022 fall and summer 2022 high at 4312/4325. We look for this to then prove a tough barrier to define the top of what we believe could be a broad and lengthy range.”
“Below 3886 is needed to suggest we may have seen a ‘false’ break higher and more important downturn within the broad range, with the next support then seen at 3764.”
[/s2If]
Join Our Telegram Group
