It is expected that the S&P 500 experience a longer consolidation and range trading phase with supports for a pullback seen at 3,887 / 84, and then more importantly on the 63-day average at 3839, as reported by Credit Suisse’s team of analysts.
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“The S&P 500 rebound has stalled as suspected and our base case remains that the market is in a broader consolidation phase, and we continue to look for more range-neutral trading, albeit with immediate risk seen slightly lower in the range”.
“Key short-term support remains at the recent low and a 38.2% retracement from the March rally at 3,886 / 84. Below here it can clear the way for a deeper corrective reversal with price support seen at 3.874 below, before 3.854 / 52 and then what we see as more important support from the 63-day average, now at 3.839, earlier. from which we seek a better soil “.
“Resistance moves initially at 3,927, then 3,937, with a break above 3,955 needed to return to 3,970 / 80, but new sellers are expected here. More than 3,984 is needed to reassert the broader uptrend, initially for 4,000 “.
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