FXStreet reports that the S&P 500 Index has tested and held as expected what is seen as more important supports at 3792/74 – the early February price gap and rising 63-day average – and the bias of the Credit Suisse analyst team remains for this to remain a floor to define the lower end of a sideways range.

“S&P 500 setback has extended to test and hold as expected what we see as more important supports at 3792/74 – the early February price gap and rising 63-day average – and our bias remains for this to remain a floor, for now at least, to define the lower end of a sideways ranging phase.” 

“Immediate resistance is seen at 3861, then the 13-day exponential average and price resistance at 3872/76, back above which is needed to ease the immediate downside bias, for strength back to the near-term downtrend at 3917/18, potentially the 3929/34 highs of last week.”