S&P 500 Index: Strong move higher to struggle at 3975/80 – Credit Suisse

S&P 500 above 3915 can see the immediate risk stay higher with resistance seen at 3975/80 next and eventually at the 4070/75 level, the Credit Suisse analyst team reports.

See:

• S&P 500 Index still have much further to rise for three reasons – Natixis

• S&P 500 Index: Rally to continue as the US economic recovery gains momentum – UBS

• S&P 500 Index to climb towards 4100 by end-2021 – Deutsche Bank

Key quotes 

“S&P 500 has seen a stronger move higher for a close at a new record high and with volume solid and with breadth measures positive we maintain our tactical bullish bias.” 

“Immediate resistance is seen at the top of the potential trend channel from late February and Fibonacci projection resistance at 3975/80, from which we will look for a fresh pullback at first. Beyond in due course though should see resistance at the psychological 4000 mark, then 4025.” 

“Big picture, we continue to look for a move in due course to our next flagged objective at 4070/75, from which we look for a fresh phase of consolidation.” 

“Near-term support moves higher to 3960/58, below which can see a pullback to 3948, then 3926/24, with 3915 now ideally holding to keep the immediate risk higher. Below can see a deeper setback to the rising 13-day exponential average at 3899/97.”