S&P 500 Index: On track to test of key resistance at 3797/3810 – Credit Suisse
|A bullish “outside day” to end last week for the S&P 500. The index is on course for a test of key near-term resistance at 3797/3810, but a break above here is needed to see a base established, analysts at Credit Suisse report.
Initial support aligns at 3736/31
“We look for a test of a cluster of key resistances at 3797/3810 – the current October high, 38.2% retracement of the August/October fall and downtrend from August.”
“With daily and weekly RSI momentum divergences in place and with sentiment and breadth measures still pointing to an oversold condition we continue to look for a more protracted consolidation/recovery phase to emerge but with a break above 3810 needed to mark a near-term base though and a more concerted recovery for a test of the 63-day average, currently at 3931.”
“Support is seen at 3736/31 initially ahead of the 13-day exponential average at 3697 which we now look to try and hold on a closing basis. A break can see a retest of 3647/39.”
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