FXStreet reports that analysts at Credit Suisse note that the S&P 500 maintains the break of its near-term downtrend, but with a move above 3929/34 still needed to suggest the consolidation/corrective phase is over and the core bull trend resumed.

“We suspect strength can extend further near-term, but we remain of the view a lengthy consolidation/corrective phase is still likely to be seen. Our broader base case remains though to view this consolidation as just a temporary pause in the core underlying uptrend.”

“The immediate risk stays seen higher in the range with resistance seen at 3917 initially, then 3929/34. Above here though is needed to suggest the consolidation phase may already be over for strength back to the 3950/51 high. Big picture, we continue to look for an eventual move above here to test 4070/75.”