S&P 500 Index: Top to form beneath the 4195 YTD high – Credit Suisse

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S&P 500 Index: Top to form beneath the 4195 YTD high – Credit Suisse
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S&P 500 Index: Top to form beneath the 4195 YTD high – Credit Suisse SP500 Banks

“With daily MACD momentum having turned lower, we still think the broader risk is shifting towards a ‘risk off’ phase and our bias stays lower for an eventual break below 4052/48 to confirm a near-term top for a fall to test the 200-DMA, now at 3972.”

“Above 4195 though would now be seen to mark an important break higher, especially give the extreme net short in positioning to clear the way for a test of the summer 2022 high and 61.8% retracement of the entire 2022 fall at 4312/4325.”Information on these pages contains forward-looking statements that involve risks and uncertainties.

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