FXStreet reports that analysts at Credit Suisse note that for the S&P 500, the market remains capped at key resistance starting at 2934, the 61.8% retracement of the 2020 selloff and stretching up to 3002, the key 200-day average.

“There remains a risk still for a test of the 200-day average at 3002, but our base case remains for this to cap and for a top to ideally form.”

“Below 2727 remains needed to see a (small) top established, exposing again the 200-week average at 2668, which stays seen as pivotal as to the direction of the long-term trend.”

“A close above 3025 is needed to suggest our view that strength has been a corrective rally has been wrong.”