The S&P 500 has resumed its core downtrend. Analysts at Credit Suisse look for an eventual retest of the YTD lows.

Initial resistance seen at 4063 

“Below 3900 should clear the way for a test of the uptrend from March 2020 at 3819/17. Whilst a fresh hold here may be seen our bias remains for a break in due course for a test and then break to new lows for the year below 3637 for a test of the 200-week average at 3568.” 

“Whilst we would look for better support to show at 3568, a break can clear the way for a fall to a cluster of supports at 3634/3195, which includes the 38.2% retracement of the entire uptrend from the 2009 GFC low.”

“Resistance is seen at 4063 initially, then 4120 with 4203/4228 ideally continuing to cap.”