He S&P 500 it closed last week above 4,101, suggesting further near-term strength at 4,311/25, Credit Suisse analysts report.
Upside cross into positive territory with weekly MACD momentum
“Last week’s close above the downtrend from early 2022 and the break above last-resort resistance at the key December reversal week high at 4,101 is likely to trigger further short-term strength.” term, especially as the weekly MACD is now positive as the key moving averages have seen a key bullish crossover and, crucially, as consensus short positioning since the start of this year unravels.”
“The next key resistances appear at 4.195/4.203and then 4311/25, which should prove a tough barrier.”
“He Key support is seen first at the breakout point of 4,101/4,088. Below is the key set of moving averages and potential uptrend from the 2022 low at 3,956/30, with a break below here needed to reaffirm a bearish tone.”
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.
