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- S&P 500 Index to consolidate at the 3525/50 zone - Credit Suisse
S&P 500 Index to consolidate at the 3525/50 zone - Credit Suisse
FXStreet notes that the S&P 500 has extended the rally into a cluster of resistances at 3525/50 as the index held high-level support at 3484 on Tuesday. Economists at Credit Suisse continue to look for the 3525/50 neighborhood to ideally cap for a phase of consolidation.
“The S&P 500 strong surge higher into the close sees the market testing our objective of Fibonacci projection resistance at 3525/29. We continue to see scope for an overshoot above here to what we see as the upper end of its ‘typical’ extreme at 3550 – 15% above the 200-day average – but we continue to look for this 3525/50 zone to ideally cap at first for a consolidation phase, especially given the potential stalling we may be seeing in the US Breakevens rally. A direct break though can see resistance next at the top of the weekly Bollinger Band at 3565, then 3582/88.”
“Near-term support moves to 3516, with a move below 3506 needed to ease the immediate upside bias for a test of 3495/93. Beneath here though is now needed to mark a minor top for a test of the uptrend from late June and the 13-day exponential average at 3446/43.”
“The VIX remains well supported although still needs to clear 28.58 to mark a near-term base and more important turn higher.”
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