S&P 500 Index to extend its uptrend to 4070/75 – Credit Suisse

The S&P 500 Index looks to be continuing its uptrend without a pause at 3900/30, reinforcing the strength of the underlying trend and opening up a move to 4070/75 next.

See: S&P 500 Index: A sharp correction is not imminent – DBS Bank

Key quotes

“S&P 500 has pushed with ease above our 3900/30 ‘triangle’ objective and Fibonacci resistance cluster without a pause and although we have concerns with respect to momentum, we now look for a direct resumption of the uptrend to our 4070/75 next objective, from which we would look for a fresh attempt to begin a consolidation phase.” 

“Big picture, we see no reason to look for a move to 4200 later in the year.”

“Support is seen at 3890/82 initially, below which can see a small top with support then seen next at 3795, with 3735 ideally holding. Only below 3694 would warn of a top and a more serious downturn.”