The S&P 500 remains under pressure and the daily MACD momentum threatens to drop. The key remains a group of supports including the 63-day moving average and the 38.2% retracement of the Feb/March rally at 4,455/38, below which a more bearish tone can be seen to emerge again, they report. Credit Suisse economists.
A break above 4,520/25 is needed to alleviate the immediate bearish bias.
“With the daily MACD momentum now threatening to cross lower, downside pressures appear to be building again.”
“A close below 4438 would be expected to see bearish pressures build further with support seen next at 4434 before the 50% retracement at 4376. While we would look for an initial hold here, in due course you should see a move to the 61.8% retracement at 4.314.”
“Resistance is seen initially at 4,506, with a break above 4,520/25 needed to alleviate immediate bearish bias for strength to return to 4,559/61, then recent trend high and potential down at 4,593 and 4,610, respectively” .
Source: Fx Street
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