S&P 500: 3086 caps to maintain an immediate downside bias – Credit Suisse
|The S&P 500 ideally holds below 3086 to keep the immediate risk lower within its broader consolidation/corrective phase for a move back below its 200-day average, currently at 3021, analysts at Credit Suisse apprise.
Key quotes
“Our bias remains for 3086 to continue to ideally cap with support seen at 3032 initially, then the 200-day average at 3021. A close back below here should add further weight to our consolidation/corrective view with support seen next at 3000 ahead of 2987 and then more importantly at the June low at 2966.”
“Beneath the June low at 2966 remains needed to see a further price top complete to further reinforce the likelihood for further weakness with support seen next at the 63-day average at 2923. Our ‘ideal’ roadmap is for an eventual test of the 38.2% retracement of the entire rally from March at 2835.”
“Above 3086 can clear the way for further strength in what would look increasingly like a high-level consolidation range with resistance seen next at 3127/3, then more importantly at 3153/56.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.