The S&P 500 begins to fall more decisively. Credit Suisse analysts They now expect a close break below 3,938 to complete a near-term top.
Initial resistance at 3,984
“We expect a sustained move below 3,938 to confirm a top has been reached and clear the way for further weakness to 3,868/58 initially, which is the 38.2% retracement of the October/December rally. Although we would expect this to hold at first, below in due course we should see the 63-day average at 3,835, with the “maximum measured target” at 3,775.”
“Overall, we stand by our base case that October/December has just been a bear market rally.”
“Resistance is seen at 3,984 initially, with 3,999/4015 now ideally limiting. Above we can see a recovery to 4,042/52.”
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.
