S&P 500 Index to fall towards 3620/19 after aggressive rejection at 3902/12 – Credit Suisse SP500 Banks
“S&P 500 has seen an aggressive sell-off on increased volume from the late September high, falling 63-day average and 50% retracement of the fall from September at 3902/12. The magnitude of the rejection and break of near-term support at 3804 is seen to reinforce our core view recent strength has been a corrective bear market rally only, with an important peak now in place, although we would see this rejection further confirmed if sustained post the payrolls report this Friday.
“Resistance is seen at 3802/04 initially, with 3840 ideally capping to keep the immediate risk lower. The 3894/3912 zone though is clearly expected to remain a major barrier.”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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