S&P 500 remains capped ahead of key 200-day average and price/gap resistance at 2986/99 and with a daily DeMark “sell” signal in place, analysts at Credit Suisse continue to look for a top here.
Key quotes
“We look for a fall back to the top of the price gap from the beginning of this week at 2914, below which should see a test of the 13-day average at 2901/2899. A close below here is needed to add weight to our view to expose the lower end of the price gap at 2865.”
“Near-term resistance is seen at 2960, then 2979/80, with 2998/3000 ideally continuing to cap. Above 3024 though remains needed to suggest our toping scenario is wrong.”
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