S&P 500 Index can see a base and a deeper recovery on a break above 3807/10 – Credit Suisse
S&P 500 above 3687/77 can keep the immediate risk higher for a test of 3807/10. Nonetheless, a break above the latter is needed to see a base established, analysts at Credit Suisse report.
Move below 3687 to suggest more choppy sideways phase
“Support at 3687/77 holding can see the immediate risk stay higher for strength back to 3763 and then the current October high and 38.2% retracement of the August/October fall at 3807/10. Beyond here is needed to mark a near-term base though and a more concerted recovery for a test of the 630-day average, currently at 3947.”
“Below 3687 can instead raise the likelihood we are set to see a more choppy sideways phase and a retest of the 200-week average at 3606/04.”
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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.
