S&P 500 ideally holds support at 3542/37 for an eventual break above 3629 for the completion of a bullish “pennant” pattern to reinforce the existing and larger bullish “triangle” pattern, per Credit Suisse.
Key quotes
“Resistance stays seen at 3585/89 initially, then the near-term downtrend at 3611. Above 3629 remains needed to clear the way for a retest of the current high at 3645, then trend resistance from February, now at 3672, with fresh sellers expected here for now. Through this latter level is needed to inject momentum to the rally with resistance then seen at 3700 next, then 3765. “
“Below 3542/37 would warn of a retreat back to 3519/09, but with fresh buyers expected here. A close below 3509 though would warn of a near-term top to raise the likelihood for a more protracted consolidation/correction lower and a test of support next at 3489/84.”
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