The S&P 500 Index remains capped by its short-term downtrend at 3,910 / 15 and further consolidation should be seen before the resumption of the underlying uptrend, while support at 3,792 / 74 is expected to remain solid bottom, the Credit Suisse analytics team reported.
Key Comments:
“The S&P 500 remains lateral in the short term as expected, with a key holder marked at 3,792/74, the price gap of early February and the 63-day SMA, but bounded by the short-term downtrend line, today at 3,910, and our underlying outlook remains unchanged. We continue to see room for a longer consolidation phase, but with our broader bullish outlook and we look for a resumption of the underlying uptrend in due time“.
“Resistance initially moves to 3.886/87, with a break above 3.910/15 needed to see the short-term downtrend breakout, which would suggest that the underlying uptrend may have already resumed for a test of the highs of 3.929/34 from last week. Up here, in due course, we can see a move back to the all-time highs of 3.950/51, with 4.070/75 being our next underlying target on the upside ”.
“The support initially remains at 3.861, then the upper end of the price gap from Monday morning at 3.843, which you should try to keep. Further down points to a new proof of 3.792/74, but this level is expected to be maintained again. We maintain our bullish tactical bias while we are above this level. “
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