The S&P 500 Index is recovering strongly and above 3934 it is expected to see a resumption of the core uptrend back to 3950/51, then 3975 and eventually 4070/75, the Credit Suisse analyst team reports.
Key quotes
“We remain of the view that recent weakness was a temporary and corrective pause only prior to the core uptrend resuming. Above 3930/34 remains needed to add weight to our view to further reinforce the likelihood the core uptrend has indeed resumed for strength back to the 3950/51 highs.
“Above 3950 in due course should see a move to trend resistance at 3974/75 next, then the 4000 psychological barrier, also the top of the daily Bollinger Band.”
“Big picture, we continue to look for 4070/75 and eventually we think 4200.”
“Support moves to 3908 initially, then 3896, with 3860 now ideally holding further weakness. A break would warn of a move back to 3832, potentially even a retest of 3806.”
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