Market Analytics and Considerations
Key Notes
The downturn first from beginning of the year and the S&P 500’s 200-Day Moving Average (DMA) continue to serve as ceilings. Credit Suisse economists are primarily focused on 3234/3195 and anticipate a slide underneath the 2022 low points at some point.
To indicate that the fundamental tendency may well have turned lateral, a sustained closing over 4101 is necessary.
Prior to the 2022 slump and the December peak at 4101., key resistance is expected beginning at the 200DMA, which is now at 4022. A consistent finish beyond this final level would imply that perhaps may have already witnessed the worst of the bearish market decline. Although we wouldn’t expect for a fresh bull market to start, we prefer to see relatively close momentum extending to 4300/4325 before capping and a possibly lengthy and wide lateral band developing.
