The S&P 500 hit the 3900 target in the first quarter, but Credit Suisse analysts expect the uptrend to extend further to 4070/75 and ideally 4200.
Key statements:
“The uptrend of the S&P 500 is slowing down and while we remain optimistic, we believe we are prepared for a more choppy uptrend in the second quarter.”
“Above the channel and psychological resistance at 3994/4000, it is necessary to see the immediate bullish tone held for our next target at 4070/75, with several ‘pullbacks and fillings’ expected in this next phase of the uptrend. Yes Well we will look for a new phase of consolidation at 4075, in a big picture, we continue looking for an eventual move to 4200 “.
“Support is seen at the 63-day average, currently at 3854, below which we would warn of a move back to the lower end of the two-month channel at 3744/23.”
“Nevertheless, only below 3723 would be warned of a maximum and a more concerted correction below the 200-day average and the retracement of 23.6% of the entire uptrend of 2020/2021 at 3561/31“.
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