S&P 500 Index to stage a sustained move lower towards 3235/3195 – 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 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.
“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.”
[/s2If]
Join Our Telegram Group
