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S&P 500 is seeing near-term consolidation at 4070/75 but analysts at Credit Suisse see scope for the market to test pivotal resistance from the top of its 12-year trend channel from the 2009 low at 4115.

See:  S&P 500 Index climbs above 4,000, further upside ahead – UBS

S&P 500 remains well supported at a high level

“We continue to see scope for the rally to extend further yet. Support at 4068 holding can maintain an immediate upside bias for a break above 4086 for further strength to Fibonacci projection resistance at 4104/08, then what we view as more significant resistance at 4115/19. This is not only trend resistance from last November but more importantly, is the top of the 12-year trend channel from the 2009 low.”

“Whilst we still look for an eventual move to our 4200 objective some point this quarter, we would be highly cautious of an interim top around 4115/19.”  

“Below 4068 can ease the immediate upside bias for a fall back to 4057 initially, then the price gap from Monday morning at 4034/20, but with fresh buyers expected here for now.”