The S&P 500 remains under pressure. Short-term risk over the next 2-4 weeks remains to the downside, but major support is still expected at 3,522/05, economists at Credit Suisse report.
Break above resistance at 3,946 is needed for deeper recovery
“A break below 3,637 would likely trigger further weakness over the next 2-4 weeks to next support at 3,522/05, which is the 50% retracement and 200-week MA. Our bias would be to try to look at least a bottom here if reached, especially given the exhausted mid-term momentum.”
“Below 3,505, we would see support coming in at 3,394, Q1 2020 highs.”
“A move above resistance at 3,946 is necessary to see the downtrend since April break and suggest the market may mount a deeper recovery, with resistance seen below at the 63-day MA, currently in 4,028.”
Source: Fx Street
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