The S&P 500 has fallen sharply on a conclusive break below the key 3855/15 support group. Credit Suisse analysts maintain their negative outlook for the next support at the 50% retracement of the 2020/2021 uptrend and the 200-week moving average at 3,505/3,500.
S&P 500 in a bear market
“We look for further weakness with support seen next at the March 2021 low in 3,723before our next main objective in 3,505/00 – 50% retracement and the 200 week average. Our tendency would be to try to find at least temporary ground here. However, if broken outright, the next support may be the Q1 2020 pre-pandemic high, at 3,394and then the 38.2% retracement of the entire uptrend since the low of the great financial crisis of 2009, in 3,322.”
“Resistance is seen at 3,838 initially, then 3,900, with 4,017/18 now as an ideal cap to keep the immediate risk lower.
Source: Fx Street
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