A bullish day for the S&P 500 at the end of last week. The index is on track to test key short-term resistance at 3,797/3,810, but a break above here is needed to see a base established, Credit Suisse analysts report.
Initial support stands at 3736/31
“We look for a test of a key resistance cluster at 3797/3810 – the current October high, the 38.2% retracement of the August/October dip and the downtrend since August.”
“With daily and weekly RSI momentum divergences in place and sentiment and breadth measures still pointing to an oversold condition, we continue to look for a longer consolidation/recovery phase to emerge, but with a break above 3,810 needed to mark a short-term base, though, and a more concerted recovery for a test of the 63-day moving average, currently at 3,931.”
“Support is seen at 3,736/31, initially ahead of the 13-day EMA at 3,697, which we are now looking to try to hold based on the close. A break may spell a retest of 3,647/39.”
Source: Fx Street
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