The S&P 500 had another strong session on Thursday and closed above key resistance at 4.477/81, which analysts at Credit Suisse they appear to be holding until the weekly close, particularly given the new bullish cross on the MACD’s daily momentum.
Support at 4,424/18 must hold to keep immediate risk higher
“S&P 500 closed above key moving averages at 4,477/81, which is a positive development, reinforced by the recent firm crossover into positive territory for MACD daily momentum. We are now watching very closely if the market sustains this move towards the weekly close, which would be a significantly positive technical development.”
“We believe short-term risk remains skewed to the upside, with resistance seen next at 4,522/30, before the 61.8% retracement of the Jan/Feb drop at 4,550. We see room for a move above here to test Feb highs at 4,590/95, but would expect a fresh top here.”
“Short-term support moves to 4,465/56. Below here and after the 13-day exponential moving average at 4,424/18, on the back of a reversal below 4,477/81 at the weekly close, would mark a more decisive rejection of the key medium-long term averages. This would take short-term risk back lower to move to 4347/52 next.”
Source: Fx Street
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