FXStreet reports that economists at Credit Suisse note that S&P 500 uptrend is starting to lose momentum and support at 3765 needs to hold to suggest the immediate risk can still lean higher.

“The S&P 500 Index has again been unable to resume its uptrend and although a large bullish ‘outside week’ remains in place we are becoming concerned the risk is growing for a deeper pullback.” 

“Support at 3777/65 needs to hold to suggest the immediate risk can still lean higher with resistance seen at 3807 initially, then 3827/23.” 

“Above 3827/23 remains needed to ease the threat of a setback to reassert the uptrend with resistance seen next at 3866/68 and eventually the ‘measured triangle objective’ at 3900."

“With a cluster of further Fibonacci projection resistances also seen here and stretching up to 3925/30, we maintain our call to look for a cap here for a fresh and likely we think protracted consolidation phase.”