The S&P 500 maintains its breakout above February’s key trend resistance, as analysts at Credit Suisse maintain a Bullish outlook with resistance below at 3,720 / 25, followed by 3,765 / 85.
Key Comments:
“The S&P 500 continues its steady upward movement and with the 3,700 psychological barrier cleared we maintain our immediate bullish bias with resistance below at 3.720 / 25, which could limit movement. However, higher up and in due course, the S&P 500 should test a harder zone at Fibonacci projection levels in the region of 3,765 / 85, in which we would seek a new phase of consolidation. However, overall, we continue looking for the ‘target triangle measured’ at 3,900“.
“Our main concerns remain the ‘euphoric’ state of the rebound. 91% of S&P 500 stocks are above their 200-day average (a level not seen since 2013) and the market is well above the upper limit of what we consider to be its ‘typical’ extreme (15% per above its 200-day average), but these facts alone do not for now prohibit us from seeking higher profits“.
“Support initially moves to 3.679, below which a retracement to the price gap can be seen since Friday morning in 3.667/57, with the 13-day average and the gap / additional support at 3.646/44 ideally maintaining a deeper recoil. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
