S&P 500 Index: Resistance at 4475 to cap for a corrective pullback – Credit Suisse
|S&P 500 extends its low volatility grind higher. Analysts at Credit Suisse continue to look for trend resistance from April, today seen at 4475 to cap at first for a corrective pullback.
Support is seen at 4451/49 initially
“S&P 500 has edged higher again as the market extends its relentless low volatility grind higher although still on very low ‘summer’ volume.”
“Strength is still capped for now by trend resistance from April, today seen at 4475. We continue to look for an attempt to see a corrective pullback from here.”
“Support is seen at 4451/49 initially, then the ‘outside day’ low and 13-day exponential average at 4436/25, which we look to ideally hold. A close would suggest a deeper pullback can finally be seen for a fall back to 4402/00, then important price and gap support at 4381/64.”
“A direct and closing break above 4475 can see the immediate risk stay higher for a move to the psychological 4500 level next, with the upper end of its ‘typical’ extreme (15% above the 200-day average) now at 4585.”
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.