The recovery of the S&P 500 is showing timid signs of stagnation. Credit Suisse analysts They still view the strength of October as a bear market rally and are looking for a break below 3,907/06 to establish a ‘double top’.

A turn is not ruled out until 4.127/55

“While we continue to watch for signs of a top, we do not rule out a breach of the downtrend from the beginning of the year and a 50% retracement of the 2022 dip at 4.127/55, but we continue to look for a top in this area of ​​4.054/ 4,155 However, a close above 4,155 may be the first real sign that we may have seen the worst of the sell-off, with resistance seen next at 4,312/25.”

“Support initially remains at 3,907, below which a small ceiling can be set to ease immediate upside bias, with support at the 63-dMA at 3,630. Below 3,698 is still needed to suggest the rally is over and that the broader downtrend resumes.”