The S&P 500 Index has tested and held as expected what is considered to be the major support at 3,792 / 74, where we see a price gap from early February and the upward sloping 63-day moving average, and the outlook from the Credit Suisse team of analysts remains that this level is still a floor that marks the lower end of a lateral range.
Key Comments:
“The S&P 500 slide has been extended to test and hold as expected significant support at 3,792 / 74, where we see a price gap from early February and the upward sloping 63-day moving average, and our outlook remains. let this be a floor, at least for the moment, that defines the lower end of a lateral range phase. “
Immediate resistance is seen at 3,861, then the 13-day exponential average and resistance at 3,872 / 76. A move above is needed to ease the immediate downside bias. From there it would target 3,917 / 18, and potentially the highs of 3,929 / 34 from last week. “
“Short-term support is seen at 3,809. A close below 3,774, although it would be considered technically important, increasing the possibility of a deeper and longer corrective phase, with support to be seen next at 3,729 / 26 and then 3,694, the low of late January. “
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