S&P 500 Index: Potential peak at 4,327-70 – Credit Suisse
|The S&P 500 Index now face a key test of technical resistance at the 200-day moving average (DMA), potential downtrend and 61.8% retracement at 4,327-70, with Credit Suisse’s bias for a potentially important top here.
Weekly MACD momentum maintains its bullish cross
“Although weekly MACD momentum has crossed higher, we continue to look for a potentially important top at the falling 200 DMA, potential downtrend from the beginning of the year and 61.8% retracement of the 2022 fall at 4,327-70.”
“Near-term support is seen at 4,177, with a break below 4,117-07 seen as needed to add weight to our view for a fall back to the 63-day average, now at 3,974.”
“A close above 4,370 would suggest strength can extend further, with resistance seen next at 4,513, then the 78.6% retracement of the 2022 fall at 4,566.”
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