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- S&P 500 Index to see further sideways consolidation, with support at 4176/75 - Credit Suisse
S&P 500 Index to see further sideways consolidation, with support at 4176/75 - Credit Suisse
FXStreet notes that S&P 500 closed the week back below 4200 on Friday. With another neutral session on Monday, economists at Credit Suisse believe the market remains in a consolidation phase, which it is expected to persist going forwards.
“The S&P 500 reversed to close back below our Q2 objective of 4200 on Friday. With a range of ‘red flags’ and overextension signals still in place, including OnBalanceVolume still not confirming the new highs and a growing bearish momentum divergence, we still do not look to chase strength beyond here for now.”
“We look for a continuation of the recent consolidative range and further sideways ranging. Support remains at 4176/75 initially, which now includes the 13-day exponential average. A close below here would suggest a deeper corrective setback and a lengthier sideways phase, with support seen next at 4124.”
“Only below the 4118 recent low though would mark a near-term top.”
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