S&P 500 Index: Support at 3792/74 to remain a solid floor – Credit Suisse


The S&P 500 Index remains capped at its near-term downtrend at 3910/15 and further consolidation should be allowed for ahead of a resumption of the core bull trend, with support at 3792/74 expected to remain a solid floor, the Credit Suisse analyst team reports.

See – S&P 500 Index: Rising rates indicates a serious shift in market outlook – Morgan Stanley

Key quotes

“S&P 500 stays sidelined near-term as looked for, holding key flagged support at 3792/74 – the early February price gap and rising 63-day average – but capped at its near-term downtrend, seen today at 3910 and our core outlook remains unchanged. We continue to see scope for a lengthier high-level consolidation phase, but with our broader outlook bullish and we look for a resumption of the core uptrend in due course.” 

“Resistance moves to 3886/87 initially, with a break above 3910/15 needed to see the near-term downtrend break to suggest the core uptrend may have already resumed for a test next of the 3929/34 highs of last week. Above here in due course can see a move back to the 3950/51 record highs, with 4070/75 our next core upside objective.” 

“Support remains seen at 3861 initially, then the upper end of the price gap from Monday morning at 3843, which we look to try and hold. Below would warn of a retest of 3792/74, but with this expected to hold again and we maintain our tactical bullish bias whilst above here.”

 

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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD attempts recovery above 1.1950 as USD resumes decline

EUR/USD is attempting a recovery above 1.1950 ahead of the European open, as the US dollar’s rebound falters amid persistent weakness in the Treasury yields. Easing concerns over EU's covid vaccines rollout and dovish Fed expectations underpin the spot.

EUR/USD News

GBP/USD recaptures 1.3850 as UK’s optimism offsets USD bounce

GBP/USD rises above 1.3850, picking up fresh bids heading into the London open. The cheers the UK’s advantage of faster vaccinations and unlock guidelines to shrug off the US dollar’s bounce off late the lowest since late March.

GBP/USD News

XAU/USD buyers attack six-week-old resistance line around $1,780

Gold keeps recovery moves from intraday low to print mild gains, picks up bids off-late. Ascending resistance line from early March tests bulls. 50-day SMA, monthly support line could offer bounces in case of pullback, any further weakness will recall the bears.

Gold News

Bitcoin network hash rate drop may not have caused BTC price crash

China’s prominent regions for Bitcoin mining have suffered an electrical grid blackout, causing Bitcoin’s hash rate to decline. Bitcoin price crashed over the weekend, coinciding with the drop of the network’s hash rate.

Read more

S&P 500 Week Ahead: Banks beat the street, COIN booms as funds flow to ETFs

Equity markets continue to remain bolstered from all sides as the macro environment produces strong numbers, earnings continue to smash estimates and inflation concerns take a back seat. Earnings season switches from bank stocks to reopening plays.

Read more

Forex MAJORS

Cryptocurrencies

Signatures