S&P 500 Index: Constructive outlook to resume the uptrend – Credit Suisse
|S&P 500 has achieved its “measured top objective” at 3819/17 within the space of two sessions and the Credit Suisse analyst team now shifts its bias back higher, looking for a resumption of the core uptrend.
Key quotes
“Our bias is to look for the recovery from Tuesday to continue with resistance seen at 3903/07 initially, above which should see a move back to 3930/34. Beyond this latter area is needed to further reinforce the likelihood the core uptrend has indeed resumed for strength back to the 3950/51 highs. Above here in due course should see a move to 4070/75.”
“Support moves to 3852/51 initially, with 3832 now ideally holding further weakness. A break though would warn of a move back to 3806, then what we look to be solid support at 3792/66 - the early February price gap and rising 63-day average.”
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.