S&P 500 Index: Key resistance at 4,312/4,325 to cap – Credit Suisse

S&P 500 has surged higher for a test of next key resistance at 4,312/4,325, analysts at Credit Suisse report.

Only below 4,104 would be seen to mark a near-term top

The S&P 500 has surged higher and strength has already extended to the cusp of next key resistance at the summer 2022 high and 61.8% retracement of the entire 2022 fall at 4,312/4,325. Our bias remains to try and look for a fresh cap here and correction lower. 

Should strength directly extend for a weekly close above 4,325, then this would be seen to mark an important break higher, opening the door to resistance next at 4,500/4,535. 

Support is seen at 4,221 initially, beneath which can ease the immediate upside bias, with support then seen next at 4,166. Only below 4,104 though would be seen to mark a near-term top and a more decisive failure at 4,312/4,325.