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S&P 500 has achieved its “measured top objective” at 3819/17 within the space of two sessions and the Credit Suisse analyst team now shifts its bias back higher, looking for a resumption of the core uptrend.

Key quotes

“Our bias is to look for the recovery from Tuesday to continue with resistance seen at 3903/07 initially, above which should see a move back to 3930/34. Beyond this latter area is needed to further reinforce the likelihood the core uptrend has indeed resumed for strength back to the 3950/51 highs. Above here in due course should see a move to 4070/75.” 

“Support moves to 3852/51 initially, with 3832 now ideally holding further weakness. A break though would warn of a move back to 3806, then what we look to be solid support at 3792/66 – the early February price gap and rising 63-day average.”

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