Downside pressure for the S&P 500 continues to increase. The index is expected to see a move below 4158 for a retest of the 4115 current cycle low, analysts at Credit Suisse report.

Initial resistance is seen at 4204

“We stay directly negative for a break of the 4158 recent low to clear the way for a retest of the late February low at 4115. Below here in due course can see support at the 38.2% retracement of the entire 2020/2021 bull trend at 3855/15.”

“Resistance is seen at 4204 initially, then 4248, with tougher resistance seen starting at the aforementioned 13-day moving average at 4274 and stretching up to the 4291/99 recent highs, which we look to continue to cap on a closing basis.”