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S&P 500 setback has been held by support as expected from the rising 63-day average, now at 3846 and analysts at Credit Suisse continue to look for this to remain a floor and for the risk to turn higher again in the broader range.  


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Key quotes  

“The S&P 500 sell-off has stabilized at the 50% retracement of the March rally and gap support at 3854/52, with the key rising 63-day average now just below here at 3846. We continue to look for this to remain a better floor and look for the risk to try and turn back higher from here.”  

“Resistance moves to the short-term downtrend at 3920/25 initially, above which should add weight to this view for a move back to 3955, but with a move above here needed for a move back to the 3984/89 high and channel top, with a fresh cap expected here for now.”  

“Support is seen at 3901 initially, 3881, below which can see a retest of 3854/46. With a fresh floor expected here. A break though would warn of a move back to the lower end of the trend channel, currently at 3744.”