S&P 500 strength has extended to next flagged resistance at 3190/82 which is expected to cap near-term to maintain a high-level consolidation range with support seen at 3155, per Credit Suisse.
Key quotes
“The S&P 500 has extended its recovery to just shy of our next flagged resistance from the top of the price gap from early June and potential downtrend from March at 3190/92 and we continue to look for this to the cap for now for a fresh move lower in the broader high-level consolidation range.”
“Support is seen at 3165 initially, then 3155, below which is needed to ease the immediate upside bias for a fall back to the lower end of the price gap from yesterday at 3130/25, with fresh buyers expected here. A break can see a retest of the 13-day average, currently at 3105.”
“Above 3192 can see the risk stay directly higher with resistance seen next at the 3223/33 June highs. Above here can open the door to a challenge on what we see as more important and tougher resistance from the February ‘pandemic’ gap, seen starting at 3260.”
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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