S&P 500 above 2934 – the 61.8% retracement of the Q1 collapse – would suggest strength can extend to the price gap from early March and pivotal 200-day average at 2986/3002, per Credit Suisse.
Key quotes
“Above 2934, S&P 500 can see strength extend to what we view as major resistance at 2986/3002. We continue to look for this to cap and for a top to eventually form.”
“Support is seen at 2912 initially, then 2903/02, above which can keep the immediate risk higher.”
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