S&P 500: A direct break above 2934 can see strength extended – Credit Suisse

S&P 500 above 2934 – the 61.8% retracement of the Q1 collapse – would suggest strength can extend to the price gap from early March and pivotal 200-day average at 2986/3002, per Credit Suisse.

Key quotes

“Above 2934, S&P 500 can see strength extend to what we view as major resistance at 2986/3002. We continue to look for this to cap and for a top to eventually form.”

“Support is seen at 2912 initially, then 2903/02, above which can keep the immediate risk higher.”