S&P 500 Index: Resistance at 4483 to cap for a fall back to 4365 and eventually 4223/4199 – Credit Suisse
|The S&P 500 strength stays seen as a corrective bounce only. Analysts at Credit Suisse continue to look for resistance from the 13-day exponential average at 4483 to ideally cap on a closing basis for a fall back to 4365 and eventually 4223/4199.
Strength is corrective only
“We continue to view the rebound of the past few days as corrective and we look for the risk to turn lower again from 13-day exponential average, now seen at 4483.”
“Support stays seen initially at the 200-day average at 4456, with a break below the price gap from earlier this week at 4429/02 needed to clear the way for a retest of 4365. Below here in due course can see support seen next at 4292 and eventually the major support cluster at 4223/4199.”
“A close above 4483 can see strength extend further to 4526 next, potentially 4555. We shall though maintain a negative tactical bias whilst below key resistance at 4491/4608.”
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