The S&P 500 has rallied, but Credit Suisse economists remain downward biased.
Breaking above 4,078/4,090 would reaffirm the bullish bias
“Although capped below the early February downtrend and opening egg resistance in 4,078/4,090we continue to view the broader risk as slightly to the downside for a drop back to 3,809and then support at the 61.8% retracement in 3,764/3,760 with the key 200-week moving average now at 3,736. Our tendency would then be to seek market stabilization around 3,764/3,736“.
“A weekly close below 3,736 would be seen to re-expose the 2022 low. and the 50% retracement of the 2020/2022 uptrend in 3,505/3,492.”
“Above 4,078/4,090 would suggest that we have seen a ‘false’ breakout to the downside to reaffirm a bullish bias for aim back at 4,195possibly even 4,312/4,325.“
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.
