S&P 500 Index: Resistance at 4434/50 to cap for a retest of key supports at 4213/4199 – Credit Suisse

S&P 500 remains capped at its 200-day average and the 38.2% retracement of its January collapse at 4434/53. Economists at Credit Suisse continue to vi  |  28/01/2022 14:33

S&P 500 remains capped at its 200-day average and the 38.2% retracement of its January collapse at 4434/53. Economists at Credit Suisse continue to view this as a temporary relief bounce only ahead of a retest of the recent low, the 23.6% retracement of the entire 2020/2021 uptrend and the 38.2% retracement of the rally from October 2020 at 4223/4199.

A short-term pause only prior to the risk turning firmly lower again

“Whilst further near-term consolidation should be allowed for, we remain of the view this is a short-term pause only prior to the risk turning firmly lower again.”

“Below 4276 should clear the way for a retest of support at 4223/4199 – the recent low, the 23.6% retracement of the entire 2020/2021 uptrend and the 38.2% retracement of the rally from October 2020. Whilst we will look for evidence of a floor here again, should weakness directly extend we would see scope for further weakness to 4173/64 next, ahead of 4057 and eventually we think more important support at 3855/15.” 

“Near-term resistance moves to 4355, then 4374.” 

“A close above 4450 remains needed to mark a stabilization and a more prolonged consolidation, with resistance then seen next at 4495.”

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com