S&P 500 Index: Break below 4205/4199 to trigger a fall towards the 3855/15 support – Credit Suisse
The S&P 500 Index has fallen sharply to turn the focus back on the 4205/4199 major support cluster. Analysts at Credit Suisse continue to look for a clear and closing break below here, clearing the way for a fall to the 38.2% retracement of the entire 2020/2021 bull trend and price support at 3855/15.
VIX above 37.79 to open the door to a test of 41.16/36
“We continue to look for a clear and daily closing break below the 4205/4199 major support cluster to see an important ‘head & shoulders’ top conclusively confirmed.”
“Below 4199. we see support next at 4162 ahead of the late February low at 4115. We look for a clear break below here in due course with support then seen next at the 4061/57 lows of May 2021 and eventually the 38.2% retracement of the entire 2020/2021 bull trend and price support at 3855/15.”
“Resistance is seen at 4248, with 4280/85 now ideally capping. Above can see a recovery back to a cluster of resistances, starting at 4332 and stretching up to 4363. We shall maintain a direct negative outlook whilst below here.”
“VIX above 37.79 would be expected to open the door to a test of 41.16/36.”
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FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
