S&P 500 while above 3116/13 can maintain an immediate upward bias within its high-level consolidation range with resistance seen at the top of the early June price gap and potential downtrend from March at 3190/94, per Credit Suisse.
Key quotes
“With the market above support from its rising 13-day exponential average (currently at 3092) never mind the distant 200-day average (at 3022) the immediate risk stays seen higher within the high-level consolidation range.”
“Immediate support is seen at 3125/16 and we look for this to try and hold for a clear break above the highs of the past two weeks at 3153/56 for strength back to the top of the price gap from early June and potential downtrend from March at 3190/94. Whilst we would expect sellers to show here, a direct break can expose the important 3223/33 June highs.”
“Below 3116/13 can see a deeper pullback to 3100/3092, but with fresh buyers expected here. A close below 3092 would warn of a deeper retreat lower in the high-level range with support seen next at 3050/48.”
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