Market news

21 October 2020

S&P 500 Index: Recent weakness to hold above the base at 3428/18 - Credit Suisse

FXStreet notes that S&P 500 posted a relatively neutral session on Tuesday, completing an “inverted hammer” candlestick reversal, which reinforces the conviction that the “neckline” to its “head & shoulders” base and the 38.2% retracement of the recent recovery at 3428/18 will hold for a turn back higher, as per Credit Suisse.

“The S&P 500 posted a relatively neutral session on Tuesday, completing a potentially bullish ‘inverted hammer’ candlestick reversal above the “neckline” to its recently completed base at 3428/27 and the 38.2% retracement of the recent recovery at 3420/18. This reversal pattern reinforces our view that 3428/18 will provide a solid floor for the uptrend to resume.” 

“Resistance moves to 3477, above which would bullishly confirm yesterday’s session for strength back to 3516/18, then 3550, above which would trigger a move back to the 3588/94 high, which is also the upper end of its ‘typical’ extreme (15% above the 200-day average). Whilst this should clearly be respected, we look for a break in due course, with our ‘measured base objective’ at 3653.”

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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