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The S&P 500 maintains the break of its near-term downtrend, but with a move above 3929/34 still needed to suggest the consolidation/corrective phase is over and the core bull trend resumed, per Credit Suisse.

See –  S&P 500 Index: Bull market is intact but the correction has further to go – Morgan Stanley

Key quotes

“We suspect strength can extend further near-term, but we remain of the view a lengthy consolidation/corrective phase is still likely to be seen. Our broader base case remains though to view this consolidation as just a temporary pause in the core underlying uptrend.”

“The immediate risk stays seen higher in the range with resistance seen at 3917 initially, then 3929/34. Above here though is needed to suggest the consolidation phase may already be over for strength back to the 3950/51 high. Big picture, we continue to look for an eventual move above here to test 4070/75.”  

“Near-term support moves to 3886, then 3875/74, below which can see a fall back to the 13-day ema and recent price gap at 3859/47, which we look to ideally hold.”