FXStreet reports that the S&P 500 Index is seeing a sharp loss of near-term momentum. Analysts at Credit Suisse look for a test of key support from its 13-day exponential average at 4502, a close below which would confirm a corrective setback is underway.

“The rally in the S&P 500 is showing signs of stalling with near-term momentum turning sharply lower. Key near-term support remains seen at the rising 13-day exponential average at 4502, a close below which should confirm a corrective phase lower is indeed underway for a test of the 4469 recent low, with scope then for the potential uptrend from July and price support at 4446/42.” 

“Resistance is seen at 4529 initially, with a break above 4546 needed to curtail thoughts of a correction to reassert the uptrend with resistance then seen next at 4565 ahead of 4600/15.”