S&P 500 Index: Scope for a deeper but still corrective rally to 3867 – Credit Suisse SP500 Banks
“With bullish daily and weekly RSI momentum divergences into the low and with sentiment and breadth measures pointing to a highly oversold condition we see scope for a deeper corrective rally to emerge, or at least a more protracted consolidation.”
“Resistance is seen initially at 3790/92, above which should clear the way for further strength to resistance next at 3828, then the 38.2% retracement of the August/September fall at 3867. With the 23.6% retracement of the entire 2022 fall just above at 3875 and with the late September high at 3907 we will look for a cap in this 3867/3907 zone.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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