S&P 500 Index to remain in a bear trend whilst below 4101 – Credit Suisse SP500 Banks
S&P 500 has failed to surpass the 4000 area. Economists at Credit Suissse expect the index to remain under bearish pressure.“S&P 500 has been capped as looked for at its 200DMA and downtrend from the beginning of 2022, currently seen at 3995 and 4075 respectively, with further key resistance seen at the 4101 December ‘reversal week’ high. Whilst we suspect we can see some further range-trading beneath here the overall trend will still stay seen bearish whilst below 4101.
“Key price and 200-week average support is seen at 3698/3674, a sustained move below which can reinvigorate the bear market to clear the way for a fall back to 3505/3492 and eventually we think 3234/3195 later in the year.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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