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- S&P 500 Index: Protracted corrective phase to test support at 3280/60 - Credit Suisse
S&P 500 Index: Protracted corrective phase to test support at 3280/60 - Credit Suisse
FXStreet notes that the S&P 500 has avoided a bearish “reversal week” but with support from the 13-day average broken, and analysts at Credit Suisse look for a corrective phase to develop for now beneath resistance at 3479/97.
“A bearish ‘reversal week’ was avoided last week but the market did close back below its 13-day exponential average and whilst the core trend stays seen higher, with the market having been to the upper end of its ‘typical’ extreme our bias is for a more protracted consolidation phase within this uptrend.”
“Key as to the severity of a setback remains seen from rates markets and whether we see a more decisive move lower in 10yr US Breakevens and a base in 10yr US Real Yields, neither of which we have yet to see, although the risk is there.”
“Resistance is seen at 3479, then the 61.8% retracement of last week’s fall at 3495/97, which we look to now ideally cap to keep the immediate risk lower.”
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