FXStreet reports that the Credit Suisse analysts team notes that the S&P 500 Index has now closed (just) below its 13-day exponential average and as daily MACD momentum has crossed lower, the risk for a corrective setback looks to be increasing. 

“The S&P 500 rally continues to lose momentum with the market unable to hold its early gains from yesterday, closing (just) below its 13-day exponential average, with daily MACD now having also crossed lower.”

“Below support at 3636/33 would see this pressure increase further with support then seen next at 3625/22 ahead of the late November low and price gap at 3594/78, with fresh buyers expected here. Failure to hold here though would be seen exposing the 38.2% retracement of the October/December rally at 3530.”