The strength of S&P 500 it continues to be seen only as a corrective rebound. Credit Suisse analysts they continue to look for resistance from the 13-day exponential moving average at 4,483 to ideally limit a closing base for a drop back to 4,365 and eventually 4,223/4199.
Force is only corrective
“We continue to see the bounce of the past few days as corrective and expect risk to come back down from the 13-day exponential average, now seen at 4,483.”
“Support remains initially seen at the 200-day moving average at 4,456, with a break below the price gap from earlier this week at 4,429/02 needed to clear the way for a retest of 4,365. Next, in due course you can see support seen next at 4292 and finally the main support cluster at 4223/4199”.
“A close above 4483 may see the strength extend further to 4526 below, potentially 4555. However, we will maintain a negative tactical bias as long as it is below key resistance at 4491/4608.”
Source: Fx Street
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