The S&P 500 remains well below the lower end of its ‘typical’ extreme, 15% below the 200-day average, further increasing the risk we may be seeing the early stages of a more sustained decline, per Credit Suisse. Key quotes “Support is seen at 2364/60, below which can add momentum to the decline again, with support thereafter seen at the current YTD low at 2192, beneath which we see more important support at 2030/2000, the 50% retracement of the entire 2009/2020 bull market.” “Above 2641/51 on a weekly closing basis would suggest a deeper recovery/consolidation phase can indeed unfold, with resistance next at 2793, then more importantly starting at 2855 and stretching up to the 200-day average at 3022. We would look for a fresh top here.” “Monthly RSI has broken support stretching back to 2011 and is seen likely to fall further.” “Monthly MACD holds a long-term bearish divergence and has also turned decisively lower.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Bulls looking to extend momentum further beyond mid-1.2300s FX Street 2 years The S&P 500 remains well below the lower end of its ‘typical’ extreme, 15% below the 200-day average, further increasing the risk we may be seeing the early stages of a more sustained decline, per Credit Suisse. Key quotes “Support is seen at 2364/60, below which can add momentum to the decline again, with support thereafter seen at the current YTD low at 2192, beneath which we see more important support at 2030/2000, the 50% retracement of the entire 2009/2020 bull market.” “Above 2641/51 on a weekly closing basis would suggest a deeper recovery/consolidation phase can indeed unfold, with resistance… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
