The S&P 500 has suffered a new fall and a downward gap after the publication of the IPC on Friday. Credit Suisse economists watch a clear and sustained break below support at 3,815 for a drop to the 50% retracement of the 2020/2021 uptrend at 3,505.
Resistance moves to 3,943 initially
“We see a conclusive and sustained move under 3,815. This should see risk remain outright to the downside, with next support at the March 2021 lows at 3,730/23 and finally our main target at the 50 retracement. % at 3,505, also the location of the 200-week moving average.”
“Resistance is seen moving to 3,943 initially, then Friday’s price gap, starting at 3,974 and extending to 4,017/18, which we look to ideally cap further strength.”
Source: Fx Street
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