S&P 500 remains capped below its 4195 YTD high. Analysts at Credit Suisse maintain their bias of looking for a top here, seen confirmed below 4052/48. 

Break above 4195 would now be seen to mark an important break higher

“With daily MACD momentum having turned lower, we still think the broader risk is shifting towards a ‘risk off’ phase and our bias stays lower for an eventual break below 4052/48 to confirm a near-term top for a fall to test the 200-DMA, now at 3972.”

“Big picture, below 3972 can see a test of support next at 3843/09, with a break below 3764 seen to mark a much more significant top.” 

“Above 4195 though would now be seen to mark an important break higher, especially give the extreme net short in positioning to clear the way for a test of the summer 2022 high and 61.8% retracement of the entire 2022 fall at 4312/4325.”