The S&P 500 is already approaching its 3394 record high from February. The Credit Suisse analyst team sees scope for an overshoot to 3432/36 but with the 3432/36 capping at first for a consolidation phase. What’s more, the VIX has finally removed a cluster of key supports around 24 and look for a return to more “normal” conditions. Key quotes “S&P 500 has extended its defence of high-level support at 3200/3198 for a break with ease above the top of the February gap at 3328/38, and is on course for a challenge on the 3394 record high. We see scope for an overshoot to Fibonacci projection resistance at 3432/36, but with the market already at the beginning of its ‘typical’ extreme (10% above the 200-day average), we would look for 3432/36 to then ideally cap for a consolidation phase. Should strength directly extend, the upper end of the ‘typical’ extreme is currently at 3517.” “Support at 3271 needs to hold to keep the immediate risk higher. A break would suggest a corrective/consolidation phase is underway, with support next at 3204/00 and more importantly at the 200-day average at 3056.” “80% of S&P 500 stocks are above their medium-term 63-day average, still well below the extreme seen earlier this year. Only 58% of S&P 500 stocks are above their long-term 200-day average still highlighting a neutral condition.” “The VIX has removed key support from the top of its 2019 range at 24.81/23.54, opening the door to more ‘normal’ conditions with support seen at 20 next, then 18.21.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD reverses early dip, flat-lined around mid-1.3000s FX Street 2 years The S&P 500 is already approaching its 3394 record high from February. The Credit Suisse analyst team sees scope for an overshoot to 3432/36 but with the 3432/36 capping at first for a consolidation phase. What’s more, the VIX has finally removed a cluster of key supports around 24 and look for a return to more “normal” conditions. Key quotes “S&P 500 has extended its defence of high-level support at 3200/3198 for a break with ease above the top of the February gap at 3328/38, and is on course for a challenge on the 3394 record high. We see scope… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.