- Analytics
- News and Tools
- Market News
- S&P 500 Index to see a correction to the rally from late October - Credit Suisse
S&P 500 Index to see a correction to the rally from late October - Credit Suisse
FXStreet reports that analysts at Credit Suisse note that the S&P 500 Index has completed a large bearish “reversal day” on increased volume to raise the prospect of a correction to the rally from late October, with key support seen at 3640/33.
“S&P 500 has tested and rejected our next objective of a cluster of Fibonacci projection resistances in the 3765/85 zone for the completion of a large bearish ‘reversal day’ on increased volume and with a bearish RSI momentum divergence also in place we now look for a correction to the rally from late October.”
“Support is seen at 3680 initially, then 3663, with more important support seen at the December lows and ‘neckline’ to a potential top at 3640/33. Only below here though would see a top established to raise the prospect of a more concerted correction lower with support seen next at 3594/90, then 3578.”
“Resistance is seen at 3708 initially, with the immediate risk seen lower whilst below 3727/33. Above can ease the threat of a setback for a fresh look at 3765/85.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
