The S&P 500 has failed to break above the 4,000 point zone. Credit Suisse economists expect the index remains under downward pressure.
A sustained move below 3,698/3,674 may reinvigorate the bear market
“The S&P 500 has been capped at its 200-day SMA and downtrend line since early 2022, currently at 3,995 Y 4,075 respectively, with key resistance at the December “reversal week” high at 4,101. Although we suspect we may see some more range below here, the general trend will remain bearish as long as it remains below 4,101.”
“A closure above 4,101 would change the trend to neutral and force the door back to 4,300/4,325“.
“Key support is at the 200-week MA at 3,698/3,674. A sustained move below this level can reinvigorate the bear market and clear the way for a fall back to 3,505/3,492 and, finally, we believe that 3,234/3,195 later in the year.”
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.
