The downward pressure for the S&P 500 continues to increase. The index is expected to move below 4,158 for a retest of the current cycle low of 4,115, they report. Credit Suisse analysts.
Initial resistance is seen at 4,204
“We remain straight negative for a break of the recent low of 4,158 to clear the way for a retest of the late February low at 4,115. Next, in due course, we may see support at the 38.2% retracement of the entire 2020/2021 uptrend at 3855/15.”
“Resistance is seen initially at 4,204, then 4,248, with stronger resistance starting at the aforementioned 13-day moving average at 4,274 and extending to recent highs of 4,291/99, which we expect to continue to see capped at a closing basis”.
Source: Fx Street
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