S&P 500: Looking for a sustainable floor – Credit Suisse
|The S&P 500 has rebounded over the past few sessions and a key resistance at 2563/77 is being broken . Economists at Credit Suisse analyze the technical picture of the S&P 500 chart.
Key quotes
“Key resistances during this bounce are seen at the important 200-week average and 38.2% retracement of the 2020 fall at 2643/51, with a key high just above here at 2711.”
“A break above here would remove our medium term (1-2 month) bearish outlook, which we have maintained since 3215/12 and likely suggest a sustainable floor for the market is already in place.”
“Although we may see a slightly deeper correction higher, the technical outlook over the next 1-2 months has clearly deteriorated following the break below our lower extreme zone and the 200-week average.”
“The next supports are 2192, then at 2030/2000, the 50% retracement of the entire 2008/2020 rise.”
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.