S&P 500 Index to find a floor above a cluster of key supports at 3792/74 – Credit Suisse
|The S&P 500 Index has tested and held as expected what is seen as more important supports at 3792/74 – the early February price gap and rising 63-day average – and the bias of the Credit Suisse analyst team remains for this to remain a floor to define the lower end of a sideways range.
Key quotes
“S&P 500 setback has extended to test and hold as expected what we see as more important supports at 3792/74 – the early February price gap and rising 63-day average – and our bias remains for this to remain a floor, for now at least, to define the lower end of a sideways ranging phase.”
“Immediate resistance is seen at 3861, then the 13-day exponential average and price resistance at 3872/76, back above which is needed to ease the immediate downside bias, for strength back to the near-term downtrend at 3917/18, potentially the 3929/34 highs of last week.”
“Near-term support is seen at 3809. A close below 3774 though would be seen as technically important, raising the prospect of a more protracted and deeper corrective phase with support seen next at 3729/26 and then more importantly at the 3694 late January low.”
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.