S&P 500 has seen a break to a new record high above 4238. With daily momentum having already turned higher and with breadth and volume measures having seen a marked improvement, economists at Credit Suisse look for a resumption of the core uptrend to 4260 initially, then 4350.
Near-term support seen at 4233
“The S&P 500 has seen its expected break to a new record high above 4238, reinforced by the fresh turn higher in daily MACD momentum and marked improvement in volume and breadth measures. We thus maintain our core bullish view that the looked for consolidation from late April is over and we look for a resumption of the core uptrend.”
“We see resistance next at 4260, with trend resistance from mid-April now at 4312 and with 4350 our next core objective. We would look for a fresh consolidation phase from here.”
“Near-term support moves to 4233, then 4220/19, with the recent low and 13-day exponential average at 4214/08 now ideally holding to keep the immediate risk higher.”