S&P 500: 3086 caps to maintain an immediate downside bias – Credit Suisse


The S&P 500 ideally holds below 3086 to keep the immediate risk lower within its broader consolidation/corrective phase for a move back below its 200-day average, currently at 3021, analysts at Credit Suisse apprise.

Key quotes

“Our bias remains for 3086 to continue to ideally cap with support seen at 3032 initially, then the 200-day average at 3021. A close back below here should add further weight to our consolidation/corrective view with support seen next at 3000 ahead of 2987 and then more importantly at the June low at 2966.”

“Beneath the June low at 2966 remains needed to see a further price top complete to further reinforce the likelihood for further weakness with support seen next at the 63-day average at 2923. Our ‘ideal’ roadmap is for an eventual test of the 38.2% retracement of the entire rally from March at 2835.” 

“Above 3086 can clear the way for further strength in what would look increasingly like a high-level consolidation range with resistance seen next at 3127/3, then more importantly at 3153/56.”

 

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