S&P 500 has ended the quarter strongly and at record highs with the spotlight on its two-month channel top at 3994. Support at 3949/43 holding can keep the immediate bias higher for a clear break above here and then the psychological 4000 barrier for a move to the 4070/75 region, as reported by Credit Suisse.
See – S&P 500 Index: Rotation? The importance of diversification – JP Morgan
S&P 500 ends the month and the quarter strongly, closing back at its record high
“Whilst above support from the rising 13-day exponential average and price support at 3949/43 the immediate risk is seen staying higher for a clear break above 3994/4000 to mark an acceleration in the uptrend. We would then see Fibonacci projection resistance at 4008 next, ahead of the top of the weekly Bollinger Band at 4025/27 and eventually our 4070/75 next core objective.”
“Near-term support moves to 3959. Below 3943 can mark a minor top to raise the prospect of lengthier sideways ranging and a fall back to the price gap from last Friday morning at 3918/10, with fresh buyers expected here. Below though would instead open the door to a retest of last week’s low and the 63- day average at 3862/54.”
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