The strength of the S&P 500 it has stalled at the 38.2% retracement of the 2022 drop, at 3,999. However, Credit Suisse analysts continue to expect a breakout in due course and another leg higher in the near term to test the stiff resistance of the 200-day moving average, currently at 4,073.
3,860/46 to maintain the possibility of testing the 200-day moving average
“Although further consolidation below 3,999 should be allowed, or even a deeper 1-2 day correction, our bias remains to look for a sustained move above here in due course for another short-term leg to test. what we see as more significant resistance from the 200-day moving average, currently at 4,073, where we would then look for better sellers to appear.”
“Support is initially seen at 3,953/49, below which a deeper 1-2 day pullback towards the recent high of 3,912 would be confirmed, potentially even recent price gap and 63-day broken 3,860/ 46. However, we expect this to hold to maintain the potential for a test of the 200 DMA. Below that, however, would be a strong sign that this bear market rally is over for a further downtrend resumption. wide.”
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.
