FXStreet notes that S&P 500 stays trapped in a near-term range with immediate support seen at 3327/23 and resistance at 3379/81 and the Credit Suisse analyst team remains of the view this is consistent with a broader consolidation phase within the long-term uptrend.

“The S&P 500 is not unsurprisingly under pressure and although the cluster of supports at 3340/23 managed to hold on a closing basis on Friday, including the ‘neckline’ to the small base and rising 13 and 63-day averages, the gap lower and now potential downtrend is seen adding weight to our base case view we remain in a much more protracted consolidation/corrective phase.”

“Immediate resistances move to 3369, with 3379/81 now ideally capping to keep the immediate risk lower. Above though can reassert an upward bias for a move back to 3397/99, then what we look to be tougher resistance, starting at the mid-September highs at 3425/29, with the “measured base objective” at 3437 and with the 61.8% retracement of the fall from September at 3444.”