S&P 500 could hold its 200-week average and 2022 lows temporarily. Big picture though, analysts at Credit Suisse look for a fall to 3235/3195.

S&P 500 to hold the 200-week average at 3590 at first

“With the key 200-week average at 3590, we see scope for a fresh hold here near-term. This though will be seen as a temporary hold and a clear and closing break below 3590 in due course should reinforce the bear market, with support then seen next at the 50% retracement of the 2020/2021 uptrend and Q1 2020 pre-pandemic high at 3505/3494. Whilst we would look for better support to show here, a break can clear the way for a fall to our core target of a cluster of supports at 3235/3195.”

“Near-term resistance moves to the price gap from the end of last week at 3727/58, with 3907 ideally capping further strength if seen.”