Above 4171/69, the S&P 500 Index can maintain an immediate upward bias within the broader consolidation range – with daily MACD potentially set to turn higher again to suggest upward momentum is starting to return, as reported by the Credit Suisse analyst team.
Consolidation phase albeit with a mild underlying upward bias
“Support is seen at 4183 initially, with 4171/69 now ideally holding to maintain a slight upward bias in the range, reinforced by the fact we may be set to see daily MACD momentum turn higher again.
“Resistance stays seen at 4213 initially, above which can clear the way for a move back to the 4238 record high, above which we see resistance seen at 4260 next.”
“Below 4169 can reinforce thoughts of further range trading for a fall back to 4156/52, potentially the uptrend from late October and price/gap support at 4122/18, but with fresh buyers expected here.”
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