S&P 500 Index to march forward into new highs above 4600 – Credit Suisse

The S&P 500 Index continues its rally to new highs. The next resistance for the is seen at 4565 ahead of 4600/15 and with the market not seen at an extreme until 15% above its 200-day averages, still some distance higher at 4663, analysts at Credit Suisse report.

See: S&P 500 to hit the 5,000 level by the end of next year – UBS

S&P 500 rally to extend further

“We stay bullish with resistance seen next at 4565 ahead of 4600/15, which we would look to cap at first for some consolidation.” 

“We don’t see the market at an ‘extreme’ though until 15% above the 200-day average, still some distance higher at 4663.”

“Below 4469 is needed to mark a near-term minor top and some consolidation but only a close below the 63-day average and August low at 4362/54 would warn of a more concerted phase of corrective weakness.”