S&P 500 achieved the 3900 target in the first quarter but analysts at Credit Suisse look for the uptrend to extend further to 4070/75 and ideally 4200.
Key quotes
“S&P 500 uptrend is slowing and although we stay bullish we think we are set for a choppier trend higher in Q2.”
“Above channel and psychological resistance at 3994/4000 is needed to see the immediate bullish tone maintained for our 4070/75 next objective, with a decent amount of ‘back and fill’ expected in this next phase of the uptrend. Whilst we will look for a fresh phase of consolidation at 4075, big picture, we continue to look for an eventual move to 4200.”
“Support is seen at the 63-day average, currently at 3854, below which would warn of a move back to the lower end of the two-month channel at 3744/23.”
“Only below 3723 though would warn of a top and a more concerted correction lower to the 200-day average and 23.6% retracement of the entire 2020/2021 uptrend at 3561/31.”
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