S&P 500 above 3687/77 can keep the immediate risk higher for a test of 3807/10. Nonetheless, a break above the latter is needed to see a base established, analysts at Credit Suisse report.

Move below 3687 to suggest more choppy sideways phase

“Support at 3687/77 holding can see the immediate risk stay higher for strength back to 3763 and then the current October high and 38.2% retracement of the August/October fall at 3807/10. Beyond here is needed to mark a near-term base though and a more concerted recovery for a test of the 630-day average, currently at 3947.”

“Below 3687 can instead raise the likelihood we are set to see a more choppy sideways phase and a retest of the 200-week average at 3606/04.”