The S&P 500 maintains the breakout of its short-term downtrend, but a move above 3,929 / 34 is still needed to suggest that the consolidation / corrective phase is over and the central uptrend has resumed, according to Swiss credit.
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“We suspect that the strength may extend further in the short term, but we remain of the view that a prolonged consolidation / correction phase is likely to be observed. However, our broader base case remains to view this consolidation as just a temporary pause in the underlying uptrend. “
Immediate risk remains seen higher in the range with resistance initially seen at 3,917, then 3,929 / 34. However, the above is necessary to suggest that the consolidation phase may already be over for the strength to return to the 3,950 / 51 high. Big picture, we are still looking for an eventual move above here to test 4.070 / 75 “.
“Short-term support moves to 3886, then to 3,875 / 74, below which you can see a drop towards the 13-day EMA and the recent price gap at 3,859 / 47, which we ideally seek to maintain.”
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