A bearish “reversal day” should reinforce the existing daily and weekly DeMark “sell” signals and analysts at Credit Suisse look for the market to turn lower with the first key support test seen at 9180/53.
“Support is seen initially at the top of the recent price gap at 9249, then, more importantly, the rising 13-day average and lower-end of the price gap at 9180/53. A close below here is needed to add weight to a topping story, exposing the 8861 recent low.”
“Resistance at 9439 now ideally caps to keep the immediate risk lower. Above can see strength back to the 9515 high. Beyond here though is needed to see the bearish “reversal day” negated, clearing the way for a move to 9613 – 15% above the 200-day average – where we look for signs of a top.”
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