S&P 500 to test two-week high at 3153 on a break of 3131 – Credit Suisse

The S&P 500 maintains its break above its 13-day exponential average after yesterday closed at 3115, reasserting a very short-term upward bias with resistance seen at 3127/31, then 3153/56, per Credit Suisse.

Key quotes

“Support is seen at 3085/81 initially, then 3067 and whilst above here the immediate risk is seen higher in the range, with next resistance seen at its recent price gap at 3127/31. This latter area is seen as the barrier to a retest of the highs of the past two weeks at 3153/56. Only above here would start to raise the prospect of a more imminent topside range breakout, with the next levels seen at the potential downtrend resistance at 3196, then the more important 3223/33 highs.”

“Below 3067 can see a move back lower in the range, with support seen next at 3050/48. This is seen as the trigger to a retest of the 200-day average, currently seen at 3022.”