S&P: Head & shoulders top confirmed

The S&P500’s close below 2604 has confirmed a head-and-shoulders top, say analysts at Credit Suisse. This level is also below the October low and the year-to-date trend channel. This suggests a important down move for the index with next support at 2554/33, the lows for the year. Beyond this, the next support is seen at 2509, the 38.2% retracement level of the 2016018 bull market.

See chart >>