S&P 500 remains capped at its June high at 3233 and further consolidation is seen likely, with supports seen at 3198 initially, then 3173 ideally holding to maintain an immediate upside bias, per Credit Suisse.

Key quotes

“A quiet end to the week for the S&P 500 leaves the immediate outlook finely balanced as the market extends its consolidation beneath the 3233 June high.” 

“Near-term support for the S&P 500 remains seen at the price gap from last Wednesday morning at 3201/3198, below which can see weakness extend back to the 13-day average at 3173. This needs to hold to suggest the overall risk can stay higher in the range. A closing break though can reinforce the broader sideways range with support seen at 3154 next, then 3128, but with removal of 3116/13 needed to mark a top to warn of a more concerted correction lower within this range.” 

“Above 3233/39 remains needed to resolve the range higher to clear the way for a challenge on the bottom of the February ‘pandemic’ gap at 3260. Above here and we see resistance next at 3288.”