The S&P 500 has managed to hold the 200-day moving average and the 38.2% retracement support at 3,940/27 points. However, the Credit Suisse economists report a break above 4,081/98 is needed to see further gains.
A close below 3,927 would warn of a significant downside
“The S&P 500 has managed to hold key support at 3,940/27 points. A break above 4,081/98 is needed, however, to relieve pressure from this support and strengthen again towards 4,195/4,203, which is Major resistance at the 61.8% retracement of the dip of 2022 and the high of the summer of 2022 at 4,312/4,325.We expect this area to become a tough barrier to define the top of what we think could be a range. broad and long.”
“A close below 3,927 would signal a significant downside turn in the wider range. Next support is at 3,764/60, prior to the 200-week LLRM at 3,726.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
