FXStreet reports that according to analysts at Credit Suisse, S&P 500 remains well supported and whilst gap/price support at 3076/66 holds the immediate risk stays seen higher. Resistance is seen at 3153 and then at the top of the price gap from last week at 3190.

“Another quiet session for the S&P 500 but the market continues to hold its rising 13-day exponential as well as its price gap from Tuesday at 3076/66 and this leaves the immediate bias higher in what for now is viewed as a high-level consolidation range. We note though ‘triple witching’ option expiry and large re-balancing today though may provide some volatility.”

“Immediate support is seen at 3099/94 with an immediate upside bias seen in place whilst above 3076/66. Resistance is seen at 3153 initially, above which can see strength extend back to the top of the price gap from last week at 3181/90. With daily MACD momentum still holding a bearish cross we continue to look for this to then ideally cap for a move lower in the looked-for range.” 

“Above 3190 though can see the risk stay higher for a test of the potential downtrend from the February peak, today seen at 3213/15. Beneath 3066 can ease the immediate upside bias to reinforce the broader ranging scenario, with support then seen next at 3044 ahead of the 200-day average at 3018.”