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- S&P 500 Index: The 3900/3930 zone to cap for a lengthier consolidation - Credit Suisse
S&P 500 Index: The 3900/3930 zone to cap for a lengthier consolidation - Credit Suisse
FXStreet notes that the S&P 500 rally has finally extended to 3900 and with further layers of resistance seen here and stretching up to 3930, economists at Credit Suisse expect the 3900/3930 area to cap at first and for a temporary consolidation phase to emerge.
“Base case remains for a cap in the 3900/3930 zone and for a potentially lengthier consolidation/correction phase to then unfold. Indeed, this latest move higher has been seen on lower volume, RSI momentum holds a bearish divergence on a daily and weekly basis, which is seen adding weight to this risk.”
“Support is seen at 3875/71 initially, below which can ease the immediate upside bias for a retreat back to 3860, then 3847/37.”
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