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The S&P 500 Index remains under near-term pressure following its failure earlier this week to sustain its latest move to a new high. Support at 3644 needs to hold to keep the immediate risk higher, the Credit Suisse analyst team reports.



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Key quotes

“Key remains seen 3652/44 – key price/gap support and the 13-day exponential average – which needs to continue to hold to suggest the immediate risk can still stay higher with resistance seen at 3681 initially, above which is need to clear the way for strength back to 3712, then 3720/25, which we look to cap at first. Above in due course though should see what we look to be a tougher test of a cluster of Fibonacci projection levels in the 3765/85 band.” 

“A close below 3644 would suggest a more concerted correction lower is underway with support then seen next at 3625/22, then the 3594/78 key price gap from late November.”