S&P 500 has fallen to channel support from April at 3637/33. Analysts at Credit Suisse look for this to hold for a temporary consolidation/recovery phase to emerge that could potentially extend into the 3838/3900 mid-June price gap.

A temporary and corrective consolidation/recovery phase can emerge 

“Resistance is seen moving to 3728 initially, above which can add weight to our view for a recovery back to the top of the price gap from last Wednesday/Thursday at 3783/90, potentially into the more important mid-June price gap at 3838/3900. We look for this to then prove a major barrier for an eventual resumption of the core downtrend.” 

“Below 3633 can see support next at the lower end of the downtrend channel, today seen at 3620, with our core support/objective still at the 50% retracement at 3505, also the location of the 200-week average.”