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S&P 500 above 4068 can keep the immediate risk higher for a test of test pivotal resistance from the top of its 12-year trend channel from the 2009 low at 4115. With the market already moving into “extreme” territory, analysts at Credit Suisse would then be highly cautious of an interim top here.

See:  Depressed VIX not to prevent S&P 500 hitting new highs – CE

S&P 500 to move to a more cautious footing once at 4115

“The S&P 500 remains above high-level price support at 4068 and we look for a push above the 4100 psychological barrier for a move to Fibonacci projection resistance at 4104/08 next, then what we view as more significant resistance at the top of the 12-year trend channel from the 2009 low at 4115.”  

“Although we continue to look for a move to our 4200 next core objective this quarter, with market already at the beginning of its ‘typical’ extreme – 15% above the 200-day average and also above daily, weekly and monthly Bollinger Bands – we would be highly cautious of an interim top around 4115/25.”

“Near-term support moves to 4083/79. 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.”