FXStreet reports that the Credit Suisse analyst team notes that the S&P 500 Index remains capped at its near-term downtrend at 3910/15 and further consolidation should be allowed for ahead of a resumption of the core bull trend, with support at 3792/74 expected to remain a solid floor.

“S&P 500 stays sidelined near-term as looked for, holding key flagged support at 3792/74 – the early February price gap and rising 63-day average – but capped at its near-term downtrend, seen today at 3910 and our core outlook remains unchanged. We continue to see scope for a lengthier high-level consolidation phase, but with our broader outlook bullish and we look for a resumption of the core uptrend in due course.” 

“Resistance moves to 3886/87 initially, with a break above 3910/15 needed to see the near-term downtrend break to suggest the core uptrend may have already resumed for a test next of the 3929/34 highs of last week.” 

“Support remains seen at 3861 initially, then the upper end of the price gap from Monday morning at 3843, which we look to try and hold.”