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S&P 500 Index: Resistance at 4483/98 caps to maintain the risk for a deeper corrective setback - Credit Suisse

FXStreet reports that the Credit Suisse analyst team notes that S&P 500 Index remains capped below resistance at 4485/98, which threatens a deeper corrective setback.

“The S&P 500 remains capped at the 13-day exponential average and price resistance at 4483/98. Whilst capped here the threat of a deeper corrective setback can remain with support seen at 4459/58 initially, then 4436/26. 

“Beneath 4436/26 can see a fall to what we still look to be better support from the rising 63-day average at 4407/03, which we look to remain a solid floor."

“A close above 4498 would increase the likelihood the corrective setback is already over, clearing the way for a test of 4520/30 next."

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