FXStreet notes that the S&P 500 spotlight remains on its record high and two-month channel top at 3984/91 and analysts at Credit Suisse suspect this again caps for now for a fresh pullback into the range. Big picture, they maintain a core bullish outlook for 4070/75.

“Whilst our broader outlook stays bullish for an eventual move to 4070/75, we suspect key resistance from the range highs and two-month channel top at 3984/91 again caps for now for a fresh pullback into the range.”

“Support remains at 3944/43 initially, then more importantly at the price gap from Friday morning at 3918/10. We look for this to now ideally hold to keep the immediate risk higher in the range. Below though would instead open the door to a retest of last week’s low and the 63-day average at 3854.”