The S&P 500 has seen a strong post-FOMC rally, putting the spotlight on recent high of 4308. Despite recent strength, only a close above this region would form a full base to maintain the positive tone, analysts report. Credit Suisse.
“We see a key turning point at last week’s high at 4308. For a more constructive tone, it is vital to see a quick follow-up to the upside after yesterday’s strength.”
“If a close above 4308 can be achieved on Friday, this would not only form a full short-term base, but also a bullish ‘reversal week’, which we would expect to then provide the platform for a deeper rally, although still We would then see resistance next at the 38.2% retracement of the yearly decline in 4341/51and then the 63-day average gap and resistance at 4370/94“.
“If it doesn’t close above 4308 by the end of this week, a ‘reversal week’ would be avoided. Needs to break below support at 4200 to alleviate immediate bullish bias and below 4153/49 to amplify risk of a drop back to 4115.”
Source: Fx Street
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