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S&P 500 extends its consolidation phase from the 4200 level with a cluster of supports at 4041/20 expected to remain a floor, according to analysts at Credit Suisse.
S&P 500 stabilized above cluster of key supports, starting at 4041 and stretching down to 4034/20
“We continue to look for a floor at the 4041/20 region to define the lower end of the expected consolidation range following the move to our 4200 Q2 objective. Big picture, we continue to see this as a temporary and healthy pause within the core longer-term bull trend.”
“Resistance remains seen initially at the ‘neckline’ to the top at 4135/36, then more importantly at the 13-day average and lower end of the recent price gap at 4152/62, which we look to cap for now to keep the immediate risk mildly lower in the range. A close above 4162 though should see the immediate risk stay higher for a move to the top of the price gap at 4188. “
“Near-term support moves to 4087, below which can see a move back to 4057 and then a test of 4041/20, which we look to remain a solid floor. A close below 4021/20 though would suggest we are set for a more concerted phase of corrective weakness with support then seen next and initially at 3989/81.”